Free Essay

Blah

In:

Submitted By zvillesdap
Words 573
Pages 3
1. The Hurwicz criterion is a compromise between the maximax and maximin criteria.

The Hurwicz criterion is the weighted sum of the maximax and maximin. So, the answer is true.

2. The minimin criterion is optimistic. The minimin criterion is NOT applied to the profit payoff table. It is applied to the cost table. In this situation we want to minimize cost as much as possible. So, if we can do it this is optimistic criterion.

3. A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the following payoff table based on whether economy is good or poor.

Alternative Good Economy Poor Economy
____________________________________________________

Buy 80 -5
Rent 60 55
Lease 65 50

The maximax strategy is to Buy. You chose the Good Economy and the best strategy (80 > 60; 80 > 65)
The maximin strategy is to Rent. You chose Poor Economy and the best strategy (55 > -5; 55 >50)

4. Given decision tree

What is the expected value for the best decision? Round your answer to the nearest whole number.

Starting with leaves:
Point 4:

Expected value: 3000*0.4 + (-1000)*0.6 = 600
Point 3: Two possibility 600 and 2500. The best is 2500.

Point 2: Expected value: 2500*0.2 + 2000*0.8= 2100
Point 1: Two possibility (A) 2100 (from point 2) (B) 1800
The best is 2100.

5.
A group of friends are planning a recreational outing and have constructed the following payoff table to help them decide which activity to engage in. Assume that the payoffs represent their level of enjoyment for each activity under the various weather conditions. Weather Cold Warm Rainy S1 S2 S3
Bike: A1 11 7 6
Hike: A2 14 15 1
Fish: A3 7 7 9 If the probabilities of cold weather (S1), warm weather (S2), and rainy weather (S3) are 0.25, 0.35, and 0.4, respectively what is the EVPI for this situation?

Decision making without probabilities
Maximax strategy gives: Hike. We chose the maximum possible.
Maximin strategy gives: Fish. We chose the worse condition and then the best outcome.

Decision making with probabilities
Expected values for:
Bike = 11*0.25+7*0.35 + 6*0.4 = 7.6
Hike = 14*0.25+15*0.35 + 1*0.4 = 9.15
Fish = 7*0.25+7*0.35 + 9*0.4 = 7.8
So, maximum expected value gives us Hike.

Regret table

Weather Cold Warm Rainy S1 S2 S3
Bike: A1 3 8 3
Hike: A2 0 0 8
Fish: A3 3 8 0

Expected opportunity loss

Bike : 3*0.25+8*0.35 + 3*0.4 = 4.75
Hike: 0*0.25+0*0.35 + 8*0.4 = 3.2
Fish: 3*0.25+8*0.35 + 0*0.4 = 3.55

Minimum is 3.2. Answer is Hike.

If we posses the perfect information about weather conditions then we chose the best all time:
14*0.25+15*.35+9.0.4 = 12.35

Expected value of perfect information is difference between this value and the best expected value = 12.35 - 9.15 = 3.2 5.
The equal likelihood criterion assigns a probability of 0.5 to each state of nature, regardless of how many states of nature there are.
If there are more than 2 state of nature, then assigning 0.5 to each we have more than 1 total probability, which is impossible. Answer is FALSE.

Similar Documents

Premium Essay

Blah Blah

...blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah blah blah blah blah blah blah blah blahblah...

Words: 730 - Pages: 3

Free Essay

Blah Blah Blah

...Tiffany Marshall English 101 November 20th, 2012 Bacardi, The Life of The Party! Many businesses today promote their products and get them noticed through advertising. There are different ways of advertising, like commercials or just a page in a magazine. In 2011, more than $400 billion was spent in just advertising. A good portion of that is for alcohol ads. Bacardi spends approximately $100 million a year on advertising. Bacardi is the largest family/privately owned alcohol company in the world today (Andrew Sorkin_). I would say Bacardi’s advertising plays a big part in making them as successful as they are. Before I talk about their advertisement, you’re probably wondering who the Bacardi’s are and how they became as successful as they are today. The Bacardi’s are one of the most successful rum companies in the world today. The company has been a part of the family for many of generations. According to Suzanne Mcgee, the company was first founded by Done Facundo Bacardi and then just went down the line from there (1). They fled from Cuba after being exiled from the leader of Cuba and went to about 18 different countries before they finally ended up and stayed in Puerto Rico (1). They said that being exiled led them to strive and drive to expand their business (1). Although Puerto Rico was their main site of production faculty, Bermuda is the location of their legal headquarters (1). Ever since they had started their business, they have been on top as one of the leading...

Words: 1565 - Pages: 7

Free Essay

Blah Blah Blah

...Isabel Montelibano WIKAKUL A51 ------------------------------------------------- 11007710 ------------------------------------------------- AB-OCM ANG BABAE SA SEPTIK TANK Sa kasalukuyan ng lipunang Pilipinas, may mga hindi mapapahintulutang isyu tulad ng kahirapan at child trafficking na nangyayari. Saganap na nangyayari ang mga isyung ito, paminsan binabalewala o mas lalo na ay nanging bahagi na ng ating kultura. Sa benepisyo ng iba, tulad ng mga film makers – ginawan nila ng paraan maobserbahan ang mga isyung lumalaganap sa ating lipunan. Minamanipula nitong mga film maker ang mga isyu na ito sa paglikha ng mga temang karapatdapat sa kanilang script ng pelikula. Isang halimbawa ay ang pelikulang Ang Babae Sa Septik Tank - isang pelikula na tungkol sa tatlong naghahangad na film makers na gustong gumawa ng higit na magaling at perpektong pelikula tungkol sa mga problemang hinaharap ng lipunang Pilipinas. Akalain mo na ang motibo ng mga film makers na lumikha ng peikula ay para mabuklat ang mga mata ng mga manonood ngunit sa kasamaang-palad ay ginamit lang nila ang pagsisimpatiya para kumita ng pera at manalo ng mga karangal dito sa Pilipinas at sa ibang bansa. Sa aking opinyon, ang nangungunang tema ng pelikula ay kung papaano nagiging bahagi ng ating kultura ang kahirapan. Ibinahagi ito nung tatlong film maker sa iba’t ibang paraan na kung papaano nila nilikha ang pelikula. Iba iba ang kanilang pinasok na ideya tungo sa paglikha ng pelikula ngunit ang karaniwan sa lahat...

Words: 558 - Pages: 3

Premium Essay

Blah Blah Blah

...Definition of Organizational Management Organizational management is the act of planning and organizing processes to change or enhance. It is mixture of identifying the functions of an organization and planning a goal or enhancing the measurable goals. There are many playing parts that play into beginning new ventures or enhancing existing ventures through organizational management. Paul Hawken Statement Discussion This statement is focused on management being solution driven. The problem should generate many solutions. Choosing the right solution is the important piece to every problem. Do not focus on the problem more than the solution because this will not solve the issue. One that focuses on the problem will be constricted from making a decision that will take action. Management should be expected to have the skill of being solution driven and a root cause problem solver. Leadership vs. Management Roman Dorczak (2012) defines leadership as “It can appear in a social context of a group and is always about influence of some people on other people in order to achieve certain objectives” (para 4). Leadership styles vary per leader. A great leadership assessment is can you lead employees in the right direction. Do you listen to all ideas and implement them? Do you motivate them? Do they get excited from your leadership style? Management, on the other hand, is defined as simply dealing with people, controlling things in a business, and reaching specific goals in...

Words: 355 - Pages: 2

Free Essay

Blah

...Austin Carey  09/20/15  Eng 1010                                                    Blah Blah Blah!!!!!!    Have you ever been in that awkward situation where someone is talking to you, and all you hear is blah blah blah blah? Growing up having a friend from a different culture there was a lot of things going on that I couldn’t understand at a younger age. I meet my friend Johnathan at age of 5. We hung out together, ate together, went to school together pretty much did everything together, so it was almost like we were the same person. Even though me and my friend was like one we had a lot of difference. One of the biggest difference between us was he was part Spanish but you couldn’t tell by the complication of his skin color. I can remember the first day I went in his house, that day I was so nervous and had all eyes on me but all I could hear was blah blah blah. I was standing in my friend’s living room, with a gigantic grin on my face. Thinking to myself how funny his mom sounds, I bursted out a full goofy laugh. As the tears rolled down from my eyes from laughing so hard. I heard a distinct change in the tone of his mom's voice. Instantly Johnathan gets my attention and lets me know his mom is really upset right now. Me not knowing that there was different language I felt confused on why she would be so upset. My friend took me to his room, once we got in his room he explained to me that his mom didn’t speak English. Not knowing how disrespectful...

Words: 675 - Pages: 3

Premium Essay

Blah Blah Blah

...I. Introduction II. Two types of dilutive securities are convertible bonds and convertible preferred stock. A. Convertible bonds can be converted to other corporate securities during some specific time after issuance. B. Convertible preferred stock, includes an option for the holder to convert preferred shares into a certain number of common shares. Unlike convertible bonds, convertible preferred stock is considered equity (unless there is a mandatory redemption feature). Note the example and journal entry on page 799. III. Another type of dilutive security is a stock warrant. A. A stock warrant is a certificate that entitles the holder to acquire shares of stock at a certain price within a stated period. B. Stock warrants may be attached to bonds as incentives to buyers; attachment of warrants enables the issuer to pay a lower interest rate (because the buyer expects to receive value in the future by exercising the warrant, so he/she is willing to accept less interest income). C. Stock warrants may be either detachable or nondetachable from the bond or other financial instrument. D. If the warrant is detachable, at issuance, the value of the warrant is recorded as a credit to “Paid-in Capital—Stock Warrants.” E. If the warrant is not detachable, no separate account is credited at issuance. The credit is to “Bonds Payable” only. F. The relative value of the warrants and the bonds may be established either through the proportional method...

Words: 1258 - Pages: 6

Free Essay

Blah Blah Blah

...Ian Holmes Prewriting Exercise Exercise #1 I am going to take this 5 minutes to free write, this is something that I haven’t done for such a long time. School is something that always brings back memories from early childhood school. We use to do things like this in my high school English class. I really miss being back in the day when you only had a few responsibilities. Being able to focus on sports and school was amazing, I was able to get great grades, and perform even better on the ice playing hockey. Today with family, wife, baby, bills, stress is at a high level when really you just need to take a deep breath count to ten and everything will be great just not as great as it was growing up playing hockey with your friends everyday or seeing them in school on daily basis. These are some of the things I miss about being a teenager again. Exercise #2 I feel like I never have enough time in the day to accomplish everything im trying to do. Sometimes it goes way to fast, especially when you’re having fun, but so slow when you might be in church or traveling in traffic. I hate waiting on people that say they will be someplace in a certain amount of time but then are always late. I think it would be better if they could just tell me ill be there an hour late instead of me being ready to go, and then having to wait it out with no contact with the person that is late. I like spending time with family and friends but that’s another instance that I don’t have enough...

Words: 433 - Pages: 2

Free Essay

Blah Blah Blah

...“Charlie and the Chocolate Factory” By Roald Dahl This Book is about a very poor boy called Charlie Bucket. He lives in a small broken down, two roomed wooden house with his family. His family consists of his four old grandparents that have not been out of bed in the last 20 years! His parents also live in the house. And finally there is little Charlie. Charlie is the luckiest little boy in whole world, he just doesn’t know it yet. It all started when the newspapers announced that Willy Wonka, the greatest chocolatier in the world, has hidden five golden tickets in five ordinary Wonka bars. They could be in any corner of the earth and under any chocolate rapper. These golden tickets let five children have a day in the factory, and the tour would be led by Willy Wonka himself. It sounded so extraordinary since no one is ever seen going in or out of the factory except for the chocolate. But little Charlie Bucket didn’t stand a chance, he only got one Wonka bar a year on his birthday. It was clear that anyone that had a shot of getting a golden ticket were the children that were eating chocolate everyday, but that theory was proven wrong. One day on his way back from school, little Charlie found 50 cents. Before he goes and tells anyone he goes and buys himself a chocolate bar. The first chocolate was so delicious he buys another one, but this time something extraordinary happens, as he goes to peal off the rapper, something inside catches his eye. It was a golden ticket...

Words: 530 - Pages: 3

Premium Essay

Blah Blah Blah

...Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh Bleh bleh bleh ...

Words: 861 - Pages: 4

Free Essay

Blah Blah Blah

...Ang Pananakop ng mga Espanyol Kolonisasyon at Kristiyanisasyon Sa pagdating ng mga dayuhang Espanyol sa ating bansa, naging magulo na ang pamumuhay ng mga Pilipino. Layunin ng mga Espanyol na sakupin at pamunuan ang Pilipinas. Mayroong dalawang estratehiya sa pananakop ang mga  Espanyol, ang Ebanghelisasyon; na sinasagisag ng krus. Ito ay isinasagawa sa mapayapang paraan sa pamamagitan ng pagpapalaganap ng Kristiyanismo sa ating bansa sa paraang Kristiyanisasyon. Ikalawa ay ang Kolonisasyon; ito ay isinasagisag ng espada. Ito ay isinasagawa sa pamamagitan ng paggamit ng lakas-militar. Subalit naging mas epektibo ang paggamit ng ebanghelisasyon na pinamunuan ng mga prayleng Espanyol na ginamitan nila ng sandatang krus, rosaryo at dasal. Nabihag naman nila ang puso ng mga pilipino dahil sa pamamaraang ito. Nagpatupad sila ng mga patakaran katulad na lamang ng Entrada, Reduccion at Doctrina, na nagdulot ng matinding transpormasyon sa mga sinaunang pamayanang Pilipino. Entrada; ito ang unang pagsakop na isinagawa ng mga Espanyol na ginamitan nila ng puwersang militar. Matapos nito sumunod naman ang mga paring misyonero at mga pinunong sibilyan naman ang pumasok sa bagong sakop na katutubong komunidad. Sila ang nangasiwa sa organisasyong politikal sa pamamagitan ng reduccion. Samantala, ang mga paring misyonero naman ang nangasiwa sa pagpapatupad ng doctrina. Sila ang nangangasiwa sa pabibinyag ng mga katutubong itinurin nilang pagano. Maliban dito nagpatupad din sila ng "sistemang...

Words: 2453 - Pages: 10

Free Essay

Blah Blah

...MBA (2011-13) – Semester IV – ACTIVITY BASED COSTING ASSIGNMENT - LEARNING EXERCISE Students will select a company or firm or business unit in any one of the following industries: 1) Manufacturing 2) Insurance 3) Bank 4) Health care 5) Hospitality 6) Government 7) Service Each student should explore the internet for an example of a company that had implemented Activity Based Costing (ABC) and Activity Based Management (ABM) with a focus on determining customer profitability. Prepare a report (suggested length – not more than 10 pages) covering the following and give a briefing in the class: 1) Describe, in brief, the company and its business. 2) What was the problem faced by the business or company? 3) What was the scope of ABC / ABM project? 4) What were the goals for the ABC / ABM project? 5) How ABC/ABM was implemented? 6) Summarize the results achieved after implementation of the project. Financial evaluation of results by quantification expected. 7) Your observations, comments, criticism and suggestions, if any. 8) Legend, bibliography, references etc. Submit assignment to Exam Section. Print-out of PPTs (handout mode – 4 or 6 slides per page) can be submitted later, but before presentation in the class. Important: This is an individual assignment and each student should select different company from the sector selected for study and complete the...

Words: 316 - Pages: 2

Premium Essay

Blah Blah

...One of the main themes in William Golding's Lord of the Flies is the struggle between Society and Savagery. The boys' first intention on the island is to create a society based on the one they had in the adult world: one with rules, limitations and order. But at the same time, they want to have fun. As time progresses, they start ignoring the rules that they had originally set. Instead of using the designated lavatory stones for bathroom purposes, they start using the bathroom wherever they want, even near their special meeting place. The shelters that they all intended on helping to build end up being built by only a few of the boys and therefore, are not as sturdy as they could have been. According to Henri Talon, "[The boys] planned order and allowed disorder to settle" (Talon). The longer they stayed on the island, the more they lost touch with the boundaries set by society, and they eventually started to resort to primitive behavior. Throughout the novel, each of the boys struggles to keep remnants of society in tact, while their primitive nature tries to reel them into savagery. Some of the boys give into their primitive behavior very quickly, while others strive to hold on to their civility as long as possible. This struggle is portrayed masterfully by Golding who uses symbolism to enhance the reader's understanding of it. The first prominent symbol of society that we see is the conch shell that Ralph finds near the shore at the beginning of the novel. Upon Piggy's suggestion...

Words: 1752 - Pages: 8

Free Essay

Blahs and Blahs

...How Blind People Identify Paper Money Submitted by Tom on Wed, 02/17/2010 - 09:17 accessibility Blind Money Technology Before you pay for a movie ticket or for a new pair of shoes, you would always make sure you’re handing the seller the right amount. This is really simple, you just have to give a quick look at your money, take out the right amount, and that's it. But for people who cannot see, this becomes a difficult task. Here, we will talk about the problem faced by blind people, and discuss the possible solutions for this issue. The Problem with Paper Money In countries such as the U.S., all denominations of money have similar sizes. This makes it very difficult for blind people to distinguish one denomination from another. Solutions Done By Governments Governments have devised a way to help the blind tell apart different money denominations. In countries such as Australia and Malaysia, each denomination of money has a distinct width and length. Along with this, blind people can use a small card device to quickly measure and distinguish money. Meanwhile, a more specific approach has been done by the Canadian government. In Canada, money is being produced such that there are Braille dots in the bills that represent a specific denomination. Blind people can in turn find the corner containing the Braille dots and read them to know the amount they are holding. Solutions Done By Blind People The above steps made by governments...

Words: 1014 - Pages: 5

Premium Essay

Blah Blah

...HELP Ask a Question Give Feedback 1-800-FED-INFO Browse Knowledgebase TOOLS Start a Business Learn About New Health Care Changes Find Opportunities Browse resource for Veterans SBA Tools Redirecting to BusinessUSA.govcloseYou are being redirected to BusinessUSA.gov – an SBA partner. Please click the OK button below to continue. Your browser will open in a new window. Ok Redirecting to BusinessUSA.govcloseYou are being redirected to BusinessUSA.gov – an SBA partner. Please click the OK button below to continue. Your browser will open in a new window. Ok Redirecting to BusinessUSA.govcloseYou are being redirected to BusinessUSA.gov – an SBA partner. Please click the OK button below to continue. Your browser will open in a new window. Ok Redirecting to BusinessUSA.govcloseYou are being redirected to BusinessUSA.gov – an SBA partner. Please click the OK button below to continue. Your browser will open in a new window. Ok Redirecting to BusinessUSA.govcloseYou are being redirected to BusinessUSA.gov – an SBA partner. Please click the OK button below to continue. Your browser will open in a new window. Ok Redirecting to BusinessUSA.govcloseYou are being redirected to BusinessUSA.gov – an SBA partner. Please click the OK button below to continue. Your browser will open in a new window. Ok Redirecting to BusinessUSA.govcloseYou are being redirected to BusinessUSA.gov – an SBA partner. Please click the OK button below to continue....

Words: 1653 - Pages: 7

Premium Essay

Blah Blah

...INSTANT CAFé Mission Instant Café's mission is to provide a neighborhood bar/coffee shop where single people can meet.  We exist to attract and maintain customers.  When we adhere to this maxim, everything else will fall into place.  Our services will exceed the expectations of our customers.  Marketing Objectives * Develop brand awareness through a steady, month to month increase of new customers. * Develop an increase in sales while achieving a status quo state or decrease in marketing expenses. * Develop awareness of the structured conversation system measured by customers coming to Instant Café solely for meeting people. Financial Objectives * A double digit growth rate for each future year. * Reduce the variable costs through efficiency gains. * Reach profitability within the first year. Strategies The single objective is to position the Instant Café as the premier place for young professional singles to meet like-minded individuals.  The marketing strategy will seek to first create customer awareness regarding their services offered, develop that customer base, and work toward building customer loyalty and referrals. The message Instant Café will seek to communicate is that The Instant Café is THE place to meet intelligent singles.  This message will be communicated through a variety of methods.  The first method will be advertisements. The other form of advertising will be using "grassroots" methods where customers will be given coupons for their friends...

Words: 428 - Pages: 2