Math Questions
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additional info that gives you a better view on the prior probabilities
Used to determine how changes in probabilities for the states of nature affect the recommended decision alternative
intersection point on the decision tree
additional expected profit possible through knowledge of the sample of survey information
analysis that is particularly appropriate in cases where payoffs can assume extremely high or extremely low values
way of computing branch probabilities that uses multiplication law
approach to decision making without probabilities that assumes the best will always happen and determines the best payoff for each decision alternative (best of the best)
approach to decision making that takes EV of each and takes away the branches connected to that, then keeps doing it over and over again until you get to the very base decisions
provides an upper bound on the expected value of any sample or survey information
used when the decision criteria must be based on more than just expected monetary values
a measure of the total worth of a particular outcome, reflecting the decision maker's attitude towards a collection of factors
approach to decision making without probabilities that determines the worst payoff for each decision alternative and chooses the decision alternative that provides the best payoff (best of the worst)
indicates the two possible directions a decision can go once its made
a variable added to the left-hand side of a < constraint to convert the constraint into an equation
Constraint that does not affect the feasible region
uncertain future events that affects the consequence associated with a decision
a variable subtracted from the left-hand side of a > constraint to convert the constraint in an equation
For every one unit increase in the right-hand side, the value of the objective function increases by this price
range that you can have for your coefficients (objective functions)
amount used over the minimum amount that was needed to be used (amount above and beyond the requirement)