This topic contains a solution. Click here to go to the answer

Author Question: The amount of loss (lower profit or higher cost) from not making the best decision for each state of ... (Read 85 times)

karlynnae

  • Hero Member
  • *****
  • Posts: 599
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



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

bd5255

  • Sr. Member
  • ****
  • Posts: 386
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

  • Member
  • Posts: 599
Reply 2 on: Jun 24, 2018
:D TYSM


rachel

  • Member
  • Posts: 323
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

Did you know?

The average person is easily confused by the terms pharmaceutics and pharmacology, thinking they are one and the same. Whereas pharmaceutics is the science of preparing and dispensing drugs (otherwise known as the science of pharmacy), pharmacology is the study of medications.

Did you know?

The term pharmacology is derived from the Greek words pharmakon("claim, medicine, poison, or remedy") and logos ("study").

Did you know?

Vaccines cause herd immunity. If the majority of people in a community have been vaccinated against a disease, an unvaccinated person is less likely to get the disease since others are less likely to become sick from it and spread the disease.

Did you know?

Side effects from substance abuse include nausea, dehydration, reduced productivitiy, and dependence. Though these effects usually worsen over time, the constant need for the substance often overcomes rational thinking.

For a complete list of videos, visit our video library