Decision Making without Probabilities • Three commonly used criteria for decision making when probability information regarding the likelihood of the states of nature is unavailable are: – the optimistic approach – the conservative approach – the minimax regret approach. Optimistic Approach • The optimistic approach would be used by an optimistic decision maker. • The decision with the largest possible payoff is chosen. • If the payoff table was in terms of costs‚ the decision with the lowest cost
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Construction of New Food Court This Report is in Partial Fulfilment of the Course Assessment for MGMT2012 Quantitative Methods. The University of the West Indies‚ St. Augustine Campus Submitted to Dr. Shelly-ann Wilson‚ Course Lecturer Dated November 21st‚ 2014 Construction New of Food Court This Report is in Partial Fulfilment of the Course Assessment for MGMT2012 Quantitative Methods. The University of the West Indies‚ St. Augustine Campus Submitted to Dr. Shelly-ann Wilson‚ Course
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open VERY LARGE gasoline station. (c) What is the maximin decision? Decision Alternatives | Market (‘000) | Maximin decision shall be the most maximum value of a maximin decision alternatives | Maximin Decision Alternative | | Good | Fair | Poor | | | Small | 50 | 20 | –10 | | –10 | Medium | 80 | 30 | –20 | | –20 | Large | 100 | 30 | –40 | | –40 | Very Large | 300 | 25 | –160 | | –160 | If maximin decision is to be chosen: The decision shall be to open
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DECISION UNDER UNCERTAINTY MZ510 ANALYTICAL METHODS 23 SEPTEMBER 2013 OUTLINE Objectives Introduction Application (Example) Decision Criteria Summary 2 OBJECTIVES Study situations where decisions are made in an uncertain environment Introduce basic theory of decision making under uncertainty Demonstrate how to calculate and select a decision when uncertainties regarding the future exist Understand the method that
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Assignment Set- 2 (60 Marks) Note: Each question carries 10 Marks. Answer all the questions. 1. a. Explain the terms: Pure strategy‚ Mixed Strategy‚ Saddle point‚ Competitive games‚ Payoff matrix‚ Rectangular games. [ 5 marks] b. Explain the Maximin and Minimax principle used in Game Theory.[ 5 marks] 2. a. Explain the steps involved in Monte-Carlo simulation. [ 5 marks] b. What are the advantages and limitations of using simulation? [ 5 marks] 3. a. Distinguish between PERT and CPM. What is
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Chapter 13: Chi-Square Applications SHORT ANSWER 1. When samples of size n are drawn from a normal population‚ the chi-square distribution is the sampling distribution of = ____________________‚ where s2 and are the sample and population variances‚ respectively. ANS: PTS: 1 OBJ: Section 13.2 2. Find the chi-square value for each of the right-tail areas below‚ given that the degrees of freedom are 7: A) 0.95 ____________________ B) 0.01 ____________________ C) 0.025 ____________________
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constrains 5x1 + 4x2 200; 3x1 + 5x2 150; 5x1 + 4x2 100; 8x1 + 4x2 80‚ x1 0‚ x2 0 Q.2 State the ways in which customers in a queue are served. Q.3 Explain the use of simulation in networks? What are the advantages of using simulation? Q.4 Explain maximin-minimax principle. Briefly describe the characteristics of competitive game Q.5 A project has 10 activities. The following table shows the information about the activities. Table 14.5: Activities information Activity A B C D E F G H I J Preceding
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3 – Decision Analysis 1 Decision analysis is concerned with establishing systematic procedures for making decisions under uncertainty. Knowledge of decision analysis should help analyze a problem in a complicated and uncertain setting‚ to develop alternatives‚ and to identify possible outcomes. The decision maker then selects the alternative that best meets his or her objectives and psychological desires. Decision analysis is important because it provides decision makers with a rational way
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games. 2. Analyze pure strategy games and use dominance to reduce the size of a game. 3. Solve mixed strategy games when there is no saddle point. SUPPLEMENT OUTLINE M4.1 M4.2 M4.3 M4.4 M4.5 M4.6 Introduction Language of Games The Minimax Criterion Pure Strategy Games Mixed Strategy Games Dominance Summary • Glossary • Solved Problems • Self-Test • Discussion Questions and Problems • Bibliography Appendix M4.1: Game Theory with QM for Windows M4-1 Z00_REND1011_11_SE_MOD4
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What is a linear programming problem? Discuss the scope and role of linear programming in solving management problems. Discuss and describe the role of linear programming in managerial decision-making bringing out limitations‚ if any. 2. Explain the concept and computational steps of the simplex method for solving linear programming problems. How would you identify whether an optimal solution to a problem obtained using simplex algorithm is unique or not? a) What is the difference between a
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