The answer to Q 3:
1. The Laplace Principle:
Step 1: Calculate P for each row.
n= 3 (Three alternatives) |
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P= 1/3(P1+P2+P3) |
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State of Nature |
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S1 |
S2 |
S3 |
Expected Payoff |
||
A1 |
50 |
80 |
80 |
1/3(50+80+80) |
|
A2 |
60 |
70 |
20 |
1/3(60+70+20) |
|
A3 |
90 |
30 |
60 |
1/3(90+30+60) |
|
Step 2: Select the maximum Pay off from the expected payoff
State of Nature |
||||
S1 |
S2 |
S3 |
Expected Payoff |
|
A1 |
50 |
80 |
80 |
70 |
A2 |
60 |
70 |
20 |
50 |
A3 |
90 |
30 |
60 |
60 |
Chosen Alternative A1.
2. The Maxi-max Rule:
Step 1: Find the maximum of each row.
State of Nature |
||||
S1 |
S2 |
S3 |
Maximum Payoff |
|
A1 |
50 |
80 |
80 |
80 |
A2 |
60 |
70 |
20 |
70 |
A3 |
90 |
30 |
60 |
90 |
Step 2: Select the maximum from the column of maximum pay off.
State of Nature |
||||
S1 |
S2 |
S3 |
Maximum |
|
A1 |
50 |
80 |
80 |
80 |
A2 |
60 |
70 |
20 |
70 |
A3 |
90 |
30 |
60 |
90 |
Chosen alternative: A3 S1.
3. The Hurwicz Rule:
Step 1: Identify the maximum and minimum of each row:
State of Nature |
|||||
S1 |
S2 |
S3 |
Maximum |
Minimum |
|
A1 |
50 |
80 |
80 |
80 |
50 |
A2 |
60 |
70 |
20 |
70 |
20 |
A3 |
90 |
30 |
60 |
90 |
30 |
Step 2: Calculate P for each alternative.
State of Nature |
||||||
S1 |
S2 |
S3 |
Maximum |
Minimum |
H |
|
A1 |
50 |
80 |
80 |
80 |
50 |
72.5 |
A2 |
60 |
70 |
20 |
70 |
20 |
57.5 |
A3 |
90 |
30 |
60 |
90 |
30 |
75 |
p= α*maximum+(1-α)*Minimum |
For A1, P=0.75*80+(1-0.75)*50 |
For A2, P = 0.75*70+(1-0.75)*20 |
For A3, P = 0.75*90+(1-0.75)*30 |
Step 3: Select the maximum payoff from column H
The highest payoff is with alternative A3.
statement attached Q3) The following matrix gives the payoffs in utiles (a measure of utility) for...
summatize the following info and break them into differeng key points. write them in yojr own words
apartus
6.1 Introduction—The design of a successful hot box appa- ratus is influenced by many factors. Before beginning the design of an apparatus meeting this standard, the designer shall review the discussion on the limitations and accuracy, Section 13, discussions of the energy flows in a hot box, Annex A2, the metering box wall loss flow, Annex A3, and flanking loss, Annex...