Explain the differences between (a) Decision making under certainty, (b) Decision making under uncertainty, (c) Decision making
Question:
Explain the differences between
(a) Decision making under certainty,
(b) Decision making under uncertainty,
(c) Decision making under risk.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (7 reviews)
a When making decisions under certainty we know which stat...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Business Statistics In Practice Using Data Modeling And Analytics
ISBN: 9781259549465
8th Edition
Authors: Bruce L Bowerman, Richard T O'Connell, Emilly S. Murphree
Question Posted:
Students also viewed these Mathematics questions
-
Explain the differences between qualitative and judgmental, statistical time-series, and explanatory/causal forecasting models.
-
Explain the differences between moving average and exponential smoothing models.
-
Explain the differences between non-strategic and strategic investments?
-
For the charge configuration of Prob. 2.15, find the potential at the center, using infinity as your reference point.
-
Complete Accounting Services has the following payroll information for the week ended December 7. State income tax is computed as 20 percent of federal income tax. Assumed tax rates are as follows:...
-
Amy and Brian were investigating the acquisition of a tax accounting business, Bottom Line, Inc. (BLI). As part of their discussions with the sole shareholder of the corporation, Ernesto Young, they...
-
Assume that cash flow is given by \(y=S_{T} W+\left(F_{T}-F_{0} ight) h\). Let \(\sigma_{S}^{2}=\operatorname{var}\left(S_{T} ight), \sigma_{F}^{2}=\operatorname{var}\left(F_{T} ight)\), and...
-
Customers checking out at Food Tiger arrive in a single-line queue served by two cashiers at a rate of eight per hour according to a Poisson distribution. Each cashier processes customers at a rate...
-
Given the graph of (2) above, find the following limits. To enter oo in your answer field, When you are in text entry mode (when your answer field has just one line), type the word infinity with a...
-
A store maintains data on customers, products and purchase records in three tables: CUSTOMER, PRODUCT, PURCHASE. The store manager wants to know which product is on its maximum discount for each...
-
Explain how to use the (a) Maximin criterion, (b) Maximax criterion, (c) Expected monetary value criterion.
-
During 2011 a company implemented a number of policies aimed at reducing the ages of its customers accounts. In order to assess the effectiveness of these measures, the company randomly selects 10...
-
A soft drink bottling company just ran a long line of 12-ounce soft drink cans filled with cola. A sample of 32 cans is selected by inspectors looking for nonconforming items. Among the things the...
-
6.) In the figure, find the value of the unknown resistor R if I = 6A and AV = 6V. R ww av on isa 10 R =
-
Three resistors are connected in series in a circuit that is powered by a battery, and the individual resistance values are 250 Ohms, 150 Ohms and 50 Ohms. The current flowing in the circuit is 0.05...
-
4. A 16.0-mW (milli-Watts) laser puts out a narrow cylindrical beam 1.60 mm in diameter. What is the average rms E- field? N/C
-
A box of weight 15.0 N is sliding down a 23.0 incline under the only action of the force of gravity (its weight). Determine the components of the gravitational force parallel (x) and perpendicular...
-
The coefficient of friction between a 0.17 kg puck and and the ice is k = 0.15. If the puck leaves a hockey stick traveling at 20 m/s, what is its speed when it reaches the goalie 15 m away? How much...
-
Two men claim to be the father of baby Joyce Doe. Joyces mother had her CODIS STR DNA profile analyzed and was homozygous for allele 8 at the TPOX locus (allele 8 contains 8 repeats of the GAAT...
-
Under what conditions is the following SQL statement valid?
-
A soda pop manufacturer runs a contest and places a winning bottle cap on every sixth bottle. If a person buys the soda pop, find the probability that the person will (a) Win on his first purchase,...
-
A person calls people to ask if they would like to extend their automobile insurance beyond the normal 3 years. The probability that the respondent says yes is about 33%. If she calls 12 people, find...
-
Ten people apply for a job at Computer Warehouse. Five are college graduates and five are not. If the manager selects 3 applicants at random, find the probability that all 3 are college graduates.
-
f(x)=5x-3, g(x)=x-5 (f+g)(x)=(Simplify your answer.)
-
(5) A small maintenance project consists of the following jobs whose precedence relationships are given below: Job 1-2 1-3 2-3 2-5 3-4 Immediate Predecessor 15 15 3 5 8 8 Activity 3-6 4-5 4-6 5-6 6-7...
-
Let X be a binomial random variable with the probability distribution f(x) shown below. Find the probability distribution of the random variable Y=x. f(x)= Bere 3-x x=0,1,2,3 elsewhere Complete the...
Study smarter with the SolutionInn App