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

Define a sparse metrics, Define a sparse metrics. A matrix in which num...

Define a sparse metrics. A matrix in which number of zero entries are much higher than the number of non zero entries is known as sparse matrix. The natural method of showing m

Write about enterprise manager, Question 1 . Give the structure of PL/SQL B...

Question 1 . Give the structure of PL/SQL Blocks and explain Question 2 . Differentiate between PL/SQL functions and procedures Question 3 . Explain the following Par

Expression trees, What are the expression trees? Represent the below writte...

What are the expression trees? Represent the below written expression using a tree. Give a relevant comment on the result that you get when this tree is traversed in Preorder,

Delete a given specific node from a doubly linked list. , D elete a specif...

D elete a specific Node from Double Linked List as follows DELETEDBL(INFO, FORW, BACK, START, AVAIL,LOC) 1. [Delete Node] Set FORW [ BACK [LOC]]:= FORW[LOC]& BACK [FORW[

Sorting algorithm for singly linked lists, Q. Which sorting algorithm can b...

Q. Which sorting algorithm can be easily adaptable for singly linked lists? Explain your answer as well.        Ans: The simple Insertion sort is sim

Which sorting algorithms not have running time of o (n2), Which sorting al...

Which sorting algorithms does not have a worst case running time of  O (n 2 ) ? Merge sort

Write the algorithm to find input and output value, This algorithm inputs 5...

This algorithm inputs 5 values and outputs how many input numbers were positive and how many were negative. Data to be used: N = 1, -5, 2, -8, -7

What is gouraud shading, Gouraud Shading The faceted appearance of a La...

Gouraud Shading The faceted appearance of a Lambert shaded model is due to each polygon having only a single colour. To avoid this effect, it is necessary to vary the colour ac

Determine the warnock algorithm, Warnock's Algorithm A divide and conqu...

Warnock's Algorithm A divide and conquer algorithm Warnock (PolyList PL, ViewPort VP) If (PL simple in VP) then Draw PL in VP, else Split VP vertically and horiz

Procedures, what is far and near procedures in system programming?

what is far and near procedures in system programming?

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