The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature.DecisionAlternative=States of Nature51 52 53d₁d₂Suppose that the decision maker obtained the probabilities P(s₁) = 0.65, P(5₂) = 0.15, and P(53) = 0.20. Use the expected value approach to determine the optimal decision.EV(d₁)EV(d₂) =The optimal decision is? .240 90901590 65

Given To determine the optimal decision using the expected value approach, we need to calculate the…

Answered: Decision Alternative d₁ d₂ States of…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

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involving the outcomes of an experiment. For this problem, assume that S={O1,O2,O3,O4,O5} and that w1=0.29, w2=0.2, w3=0.04, w4=0.14, w5=0.33. Let E={O5,O1} and F={O3,O4}. (1) What is the value of Pr[E]? (2) What is the value of Pr[F′]?
Derive the value of k that minimizes the variable. expectation E[(X-k)²], where X is a random
A6 Assume that least squares regression is used to fit a regression line y = â + 3x to data (xi, yi) for i=1,2,..., n. The sample means of the x, and yi are and y, respectively. The variability of the y, about the regression line equals 2. Which of the following expressions would be a suitable estimate for o²? A: 1 n-1 n i=1 (Yi - y)² D: 1 n - 2 B: 0² Σ=1(x − x)2 n Σ(y - a - βα;)2 i=1 0² n
The cumulative distribution function of random variable X Is x 1. Fx (x) = II 1 Find: P(Xs1)And P(X=1) Select one: O a. 0.5 and 0.25 O b. 1 and 0.5 Ocl and 1 O d.0.5 and 0 Oe. 0.25 and 04 Clear my choice
X 0.1 0.2 0.3 0.4 0.5 y 0.06 0.12 0.36 0.65 0.95 Formulate a mathematical model that minimizes the largest deviation (Chebyshev Criterion) and between the data and the model P = c₁x² + C₂x + C3. HINT: Perform techniques in Operations Research to solve the problem like Simplex Method.
Mission Hotel has an average of 80 customers per hours arrive the front desk waiting check-in. They usually have 5 to 7 clerk attending customer, but to make it simple, let say that at present hay have 5 clerks. Statistic has shown that on average clerk takes 3.2 min/customer and they can earn $12/hour. Mission Hotel considers a waiting cost of $25 for each hour a customer is waiting in line. Computer the expected cost/hour of the current system. O $186.80 $106.00 $256.00 $126.00
Two six-sided dice are rolled, and the random variable X is defined as the sum of the two numbers. Fill in the partial pdf for X.
Could you solve (i), (ii)? Thank you.
Part (i) The chance of developing breast cancer is under 11% for women. Ho: M=11, Hg μ#11 Ho: M211, Hg: μ 11 Ho: p=0.11, H₂: P# 0.11 O Ho: Ho: P 20,000, Ο Ηρ: μ 5 20,000, O Ho: p = 20,000, O Ho: p ≤ 20,000, O Ho:p> 20,000, Ho: μ ε 20.000, O Ho: p≥ 20,000, Additional Materials Reading Hg μ 5 20,000 Hg μ > 20,000 Ha: p= 20,000 Hp> 20,000 He: p ≤ 20,000 Hg με 20,000 Ha: p<20,000
1 a and b please thank you!!
Expected value = E(x) = x1P1+x2P2+ ... + xnPn Where x = the outcome and P = probability of outcome Dr. Kimball likes to go fishing with his son. To motivate his son, he pays him for the first fish that he catches. There are two types of edible fish that his son can catch: Trout and Salmon. If he catches a Trout he pays him $5, if he catches Salmon $3. There is a 20% chance that he will catch a trout and 50% that he will catch a Salmon.
Linearity of expectations. A class with 11 third graders and 9 fourth graders are lined up in a random order for recess. T is the random variable which is equal to the number of 3rd graders in the first 3 places of the line. What is the expected value of T? E[T] = Ex: 1.23

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Decision Alternative d₁ d₂ States of Nature 51 52 53 240 90 90 15 90 65 Suppose that the decision maker obtained the probabilities P(S₁) = 0.65, P(S₂) = 0.15, and P(S3) = 0.20. Use the expected value approach to determine the optimal decision. EV(d₂) = EV(d₂) = The optimal decision is