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

What is a spanning tree of a graph, What is a Spanning tree of a graph? ...

What is a Spanning tree of a graph? A Spanning Tree is any tree having of vertices of graph tree and some edges of graph is known as a spanning tree.

Process of analysis, The objective analysis of an algorithm is to determine...

The objective analysis of an algorithm is to determine its efficiency. Efficiency is based on the resources which are used by the algorithm. For instance, CPU utilization (Ti

Chaining Method as Method of Collision Resolution , Q. The given values are...

Q. The given values are to be stored in a hash table 25, 42, 96, 101, 102, 162, 197 Explain how the values are hashed by using division technique of hashing with a table

Explain the concept of colouring, Colouring The use of colours in CAD/C...

Colouring The use of colours in CAD/CAM has two main objectives : facilitate creating geometry and display images. Colours can be used in geometric construction. In this case,

Linear node is given by means of pointer, A linear collection of data eleme...

A linear collection of data elements where the linear node is given by means of pointer is known as Linked list

Deletion of an element from the linear array, Program will demonstrate dele...

Program will demonstrate deletion of an element from the linear array /* declaration of delete_list function */ voiddelete_list(list *, int); /* definition of delete_list

Define approximating smooth surfaces with polygon nets, Approximating smoot...

Approximating smooth surfaces with Polygon nets Networks of polygons are used to represent smooth surfaces. They are, of course, only an approximation to the true surface, but

The complexity of searching an element, The complexity of searching an elem...

The complexity of searching an element from a set of n elements using Binary search algorithm is   O(log n)

How many nodes in a tree have no ancestor, How many nodes in a tree have no...

How many nodes in a tree have no ancestors 1 node in atree have no ancestors.

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