What decision should be made by the optimistic decision maker? What decision should be made by the conservative decision maker? What decision should be made under minimax regret? If the probabilities of s1, s2, and s3 are .2, .4, and .4, respectively, then what decision should be made under expected value? What is the EVPI?
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.
A payoff table is given as (payoffs = profits)
- What decision should be made by the optimistic decision maker?
- What decision should be made by the conservative decision maker?
- What decision should be made under minimax regret?
- If the probabilities of s1, s2, and s3 are .2, .4, and .4, respectively, then what decision should be made under
expected value ? - What is the EVPI?
Please answer clearly.
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