Process of decision making under uncertainty, Data Structure & Algorithms

Assignment Help:

(a) Describe the steps involved in the process of decision making under uncertainty.

(b) Explain the following principles of decision making:

(i) Laplace,
(ii) Hurwicz.

(c) Mr Ryan wants a set of buttons sewn on his jacket, but is uncertain whether he wants black, white, gold, silver, green or violet buttons. A tailor will sew on a set of black buttons for Rs8, a white set for Rs10, a gold set for Rs11, a silver set for Rs9, a green set for Rs6 and a violet set for Rs7. If Mr Ryan changes his mind, then the tailor offers to replace only once whichever selected set for an additional charge of Rs4.

(i) Construct the pay-off table which shows the price Mr Ryan will pay for the buttons depending on whether he keeps the set of buttons or replaces it with another one.

(ii) Which set of buttons will Mr Ryan order if he applies Laplace and Hurwicz [take =0:6] criteria respectively?


Related Discussions:- Process of decision making under uncertainty

Algorithms, characteristics of a good algorithm

characteristics of a good algorithm

Queues, Queue is a linear data structure utilized in several applications o...

Queue is a linear data structure utilized in several applications of computer science. Such as people stand in a queue to get a specific service, several processes will wait in a q

Construction of a binary tree , Q. Construct a binary tree whose nodes in i...

Q. Construct a binary tree whose nodes in inorder and preorder are written as follows: Inorder : 10, 15, 17, 18, 20, 25, 30, 35, 38, 40, 50 Preorder: 20, 15, 10

Explain how two dimensional arrays are represented in memory, Explain how t...

Explain how two dimensional arrays are represented in memory. Representation of two-dimensional arrays in memory:- Let grades be a 2-D array as grades [3][4]. The array will

Define about the structure - container, Define about the Structure - Contai...

Define about the Structure - Container - Some containers hold elements in some sort of structure, and some don't. Containers with no structure include bags and sets. Containe

Cohen sutherland algorithm, Using the cohen sutherland. Algorithm. Find the...

Using the cohen sutherland. Algorithm. Find the visible portion of the line P(40,80) Q(120,30) inside the window is defined as ABCD A(20,20),B(60,20),C(60,40)and D(20,40)

#, write an algorithm to search a particular node in linked list which retu...

write an algorithm to search a particular node in linked list which returns " FOUND" or "NOT FOUND" as outcome.

Sequential files, In this section, we will discuss about Sequential file or...

In this section, we will discuss about Sequential file organization. Sequential files have data records stored in a particular sequence. A sequentially organized file might be stor

Explain binary search tree, Binary search tree. A binary search tree is...

Binary search tree. A binary search tree is a binary tree that is either empty or in which every node having a key that satisfies the following conditions: - All keys (if an

Sort list of distinct numbers in ascending order - quicksort, (1) Sort a li...

(1) Sort a list of distinct numbers in ascending order, using the following divide- and-conquer strategy (Quicksort): divide the list of numbers into two lists: one that contains a

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd