Question

What advantages do decision tree provide? And in what situations are they preffered to a payoff...

What advantages do decision tree provide? And in what situations are they preffered to a payoff matrix?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose you are considering a research study to provide improved information for a decision tree analysis....
Suppose you are considering a research study to provide improved information for a decision tree analysis. The EVPI for the decision tree is $40,000. How does this affect your consideration of the research study cost? Use your own words.
Q5. The following is a payoff table giving profits for various situations. State of Nature Alternatives...
Q5. The following is a payoff table giving profits for various situations. State of Nature Alternatives A B C Alternative 1 120 140 120 Alternative 2 200 100 50 Alternative 3 100 120 180 Do Nothing 0 0 0 What decision should be made based on the minimax regret criterion? Alternative 1 Alternative 2 Alternative 3 Do Nothing
Do you have to remove variables with high standard deviation for a decision tree on sas...
Do you have to remove variables with high standard deviation for a decision tree on sas miner? If you do not what are the consequences?
The following payoff table shows a profit for a decision analysis problem with two decision alternatives...
The following payoff table shows a profit for a decision analysis problem with two decision alternatives and three states of nature. In order to get full credit, show your all work done step by step including cell calculations using excel functions. State of Nature Decion Alternatives s1 s2 s3 d1 250 100 50 d2 100 75 100 a) Construct a decision tree for this problem. b) Suppose that the decision-maker obtains the probabilities P(s1)=0.65, P(s2)=0.15, and P(s3)=0.20. Use the expected...
1. (a) In decision analysis models, what do the terms decision alternatives, states of nature, and...
1. (a) In decision analysis models, what do the terms decision alternatives, states of nature, and payoff represent? Give a real world example and identify these terms in your example. (b) What are the different types of integer programming problems? Briefly describe each type and give one real world example for each type. (c) How is the simulation process used in the Decision Sciences models? What are the advantages of using simulation? What are its limitations? How can a simulation...
When do you make the decision on whether to use a Venn diagram or a tree...
When do you make the decision on whether to use a Venn diagram or a tree diagram to solve a probability problem? Explain.
Problem 13-01 (Algorithmic) The following payoff table shows profit for a decision analysis problem with two...
Problem 13-01 (Algorithmic) The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature: State of Nature Decision Alternative S1 S2 S3 d1 260 140 100 d2 170 130 50 Choose the correct decision tree for this problem. (i) d2d1s3s2s1s3s2s1 (ii) d2d1s3s3s2s2s1s1 (iii) s3s2s1d2d1d2d1d2d1 (iv) d2d1s3s2s1s3s2s1 If the decision maker knows nothing about the probabilities of the three states of nature, what is the recommended decision using the optimistic, conservative, and...
Draw the prisoners dilemma payoff matrix. What are the dominant strategies in this game?
Draw the prisoners dilemma payoff matrix. What are the dominant strategies in this game?
What is a multiple hurdle selection system? What advantages does it have compared to other decision...
What is a multiple hurdle selection system? What advantages does it have compared to other decision making methods?
What are unique recruiting methods that LinkedIn uses? What advantages those recruiting methods provide to LinkedIn?...
What are unique recruiting methods that LinkedIn uses? What advantages those recruiting methods provide to LinkedIn? What Disadvantages if there are some? Do you think LinkedIn uses strategic methods? How?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT