This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following techniques use the concept of expected value? a. Decision trees b. Payoff ... (Read 81 times)

Kthamas

  • Hero Member
  • *****
  • Posts: 546
on: Jul 21, 2018
Which of the following techniques use the concept of expected value?
 
 

a. Decision trees
  b. Payoff matrices
  c. Inventory models
  d. Both a and b
  e. Both b and c



Question 2

In using payoff matrices, we multiply each potential payoff associated with a decision
  alternative by its probability and sum the answers. What do we determine using this
  procedure?


 
 

a. An expected value
  b. A probability estimate
  c. The amount we will make if we implement the alternative
  d. The decision value
  e. The optimal value of the alternative



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

sarahccccc

  • Sr. Member
  • ****
  • Posts: 318
Reply #1 on: Jul 21, 2018
Answer to Question 1

D

Answer to Question 2

A


Kthamas

  • Hero Member
  • *****
  • Posts: 546
Reply #2 on: Jul 21, 2018
Both answers were spot on, thank you once again


sarahccccc

  • Sr. Member
  • ****
  • Posts: 318
Reply #3 on: Jul 21, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

Asthma is the most common chronic childhood disease in the world. Most children who develop asthma have symptoms before they are 5 years old.

Did you know?

The human body's pharmacokinetics are quite varied. Our hair holds onto drugs longer than our urine, blood, or saliva. For example, alcohol can be detected in the hair for up to 90 days after it was consumed. The same is true for marijuana, cocaine, ecstasy, heroin, methamphetamine, and nicotine.

Did you know?

If you could remove all of your skin, it would weigh up to 5 pounds.

Did you know?

It is believed that the Incas used anesthesia. Evidence supports the theory that shamans chewed cocoa leaves and drilled holes into the heads of patients (letting evil spirits escape), spitting into the wounds they made. The mixture of cocaine, saliva, and resin numbed the site enough to allow hours of drilling.

Did you know?

Individuals are never “cured” of addictions. Instead, they learn how to manage their disease to lead healthy, balanced lives.

Difficulties in applying the morphological species concept Difficulties in applying the morphological species concept
Resource partitioning among five species of warblers feeding in North American spruce trees. Resource partitioning among five species of warblers feeding in North American spruce trees.
Gram + Cocci Concept Map Gram + Cocci Concept Map
Model for evidence-based clinical decision making. Model for evidence-based clinical decision making.
Doing Qualitative Research: Designs, Methods, and Techniques Doing Qualitative Research: Designs, Methods, and Techniques
Illustration of the concept of overlapping genes Illustration of the concept of overlapping genes
Video: Alzheimer's Disease

For a complete list of videos, visit our video library