Learning Activity: The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature State of nature s1 Decision alternative s2 S3 di 200 160 -30 d2 180 210 -20 If the decision maker estimates the following probabilities for the three states of nature; P(s1) = 0.1, P(s2) = 0.5 and P(s3) = 0.4 ) Find the best decision to be made. Include the risk profile associated with your choice. (H) Find the expected value of perfect information. (ii) If the probability info were not available, what decision would have been best according to the conservative approach?

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Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.