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Decision Making

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Decision-Making ,[object Object],[object Object],[object Object],[object Object],[object Object]
Steps in Decision Theory ,[object Object],[object Object],[object Object],[object Object]
Decision-Making Environment ,[object Object],[object Object]
Decision-Making Environment ,[object Object],[object Object]
Decision-Making Environment ,[object Object],[object Object]
Example : ,[object Object]
Pay-off Matrix 7,00 ,000 5,00,000 3 ,00,000 3,00,000 4,50,000 3,00,000 1,50,000 0 3,00,000 N1 N2 N3 Strategies S1 S2 S3 States of Nature
Opportunity Loss Table 0 2,00,000 4 ,00,000 1,50,000 0 1,50,000 1,50,000 3,00,000 0 N1 N2 N3 Strategies S1 S2 S3 States Of Nature
Expected Monetary Value (EMV) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Selecting Strategy Based on EMV ,[object Object],[object Object],[object Object]

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Decision Making

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  • 7. Pay-off Matrix 7,00 ,000 5,00,000 3 ,00,000 3,00,000 4,50,000 3,00,000 1,50,000 0 3,00,000 N1 N2 N3 Strategies S1 S2 S3 States of Nature
  • 8. Opportunity Loss Table 0 2,00,000 4 ,00,000 1,50,000 0 1,50,000 1,50,000 3,00,000 0 N1 N2 N3 Strategies S1 S2 S3 States Of Nature
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