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Author Question: The amount of loss (lower profit or higher cost) from not making the best decision for each state of ... (Read 89 times)

karlynnae

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on: Jun 24, 2018
The amount of loss (lower profit or higher cost) from not making the best decision for each state of nature is known as
 a. best payoff.
  b. opportunity loss.
  c. risk profile.
  d. utility.

Question 2

For a minimization problem, the conservative approach often is referred to as the __________ approach.
 a. maximin
  b. minimax
  c. minimin
  d. maximax


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bd5255

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Reply #1 on: Jun 24, 2018
Answer to Question 1

b
RATIONALE: The amount of loss (lower profit or higher cost) from not making the best decision for each state of nature is known as regret or opportunity loss.

Answer to Question 2

b
RATIONALE: For a minimization problem, the conservative approach often is referred to as the minimax approach.


karlynnae

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Reply 2 on: Jun 24, 2018
Excellent

billybob123

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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