Ballarpur Technical Campus‚ Ballarpur BIT – School of Business (Affiliated to Gondwana University‚ Gadchiroli) A.I.C.T.E.‚ New Delhi Approved Courses Syllabus of MBA SEM I 2012 Name of Student:-………………………………………….. Roll Number:-………………………………………………… Paper C11: Principles of Business Management Unit I: Basic Concept of Management: - Nature‚ definition and importance of management‚ Purpose and scope of management‚ Functions of management‚ Management: science or art‚ Management and Administration
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Unit 3 GAME THEORY Lesson 27 Learning Objective: • • To learn to apply dominance in game theory. Generate solutions in functional areas of business and management. Hello students‚ In our last lecture you learned to solve zero sum games having mixed strategies. But... Did you observe one thing that it was applicable to only 2 x 2 payoff matrices? So let us implement it to other matrices using dominance and study the importance of DOMINANCE In a game‚ sometimes a strategy
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14-5 and 14-6 as reference. Discussion Question 12: What is the rationale behind the minimax regret rule? What are some less formal and precise methods of dealing with uncertainty? When are these useful? The rationale behind the minimax regret rule is to decrease the risk involved with business decisions and minimize the maximum regret or opportunity cost related from those decisions (Salvatore‚ 2011). The regret that is linked with the decision is determined by subtracting the payoff from the decision
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Introduction to the Economics of Uncertainty and Information Timothy Van Zandt INSEAD November 2004 Copyright 2004 Preliminary and incomplete: Use only with the permission of the author. Author’s address: Voice: +33 1 6072 4981 INSEAD Boulevard de Constance Fax: +33 1 6074 6192 77305 Fontainebleau CEDEX Email: tvz@insead.edu FRANCE WWW: faculty.insead.edu/vanzandt Table of Contents 1 Choosing among Uncertain Prospects 1.1 Introduction to decision theory . . . . . . . . . . . .
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ASW/QMB-Ch.04 3/8/01 10:35 AM Page 96 Chapter 4 DECISION ANALYSIS CONTENTS 4.1 PROBLEM FORMULATION Influence Diagrams Payoff Tables Decision Trees DECISION MAKING WITHOUT PROBABILITIES Optimistic Approach Conservative Approach Minimax Regret Approach DECISION MAKING WITH PROBABILITIES Expected Value of Perfect Information RISK ANALYSIS AND SENSITIVITY ANALYSIS Risk Analysis Sensitivity Analysis DECISION ANALYSIS WITH SAMPLE INFORMATION An Influence Diagram A Decision Tree Decision Strategy
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MM305 Practice Midterm Exam Unit 1: Basic Statistics Review 1. Outliers defined as being between 1.5*IQR and 3*IQR to the left of Q1 or to the right of Q3 are considered ________. A) weak B) extreme C) mild D) statistically significant 2. What does a negative correlation coefficient indicate? A) When one variable increases‚ the other variable decreases. B) There is a nonlinear relationship between the two variables. C) When one variable increases‚ the other variable increases by a smaller proportion
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MGT 101 Introduction to Management First Semester SY 2013 - 2014 Course Description: Principles & practices of management; an overview of the functional areas of business; an introduction to case problem-solving. Prerequisite: None Credit Units: 3 units Course Objectives: At the end of the course‚ the students are expected to: a. Expound the concepts of organizations and management and the need for sound‚ effective and efficient management; b. Differentiate and describe the various management
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efficiency of sample information conservative approach Bayesian revision minimax regret approach utility opportunity loss or regret lottery expected value approach expected utility expected value of perfect information (EVPI) Solutions: 1. a. b. Decision Maximum Profit Minimum Profit d1 250 25 d2 100 75 Optimistic approach: select d1 Conservative approach: select d2 Regret or opportunity loss table: s1 s2 s3 d1 0 0 50 d2 150 0 0
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ACCA Paper P5 Advanced Performance Management Class Notes December 2012 © Interactive World Wide Ltd‚ December 2011 All rights reserved. No part of this publication may be reproduced‚ stored in a retrieval system‚ or transmitted‚ in any form or by any means‚ electronic‚ mechanical‚ photocopying‚ recording or otherwise‚ without the prior written permission of Interactive World Wide Ltd. 2 www.studyinteractive.org Contents PAGE INTRODUCTION TO THE PAPER FORMULAE & TABLES PROVIDED
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and escalation of commitment. * Explain intuitive decision making. * Contrast programmed and nonprogrammed decisions. The Manager as Decision Maker * Contrast the three decision-making conditions. * Explain maximax‚ maximin‚ and minimax decision choice approaches. * Describe the four decision making styles. * Discuss the twelve decision-making biases managers may exhibit. * Describe how manager can deal with the negative effects of decision errors
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