Decision Analysis (Part 1) Tutorial -Introduction, Decision Making under Certainty and Uncertainty

This is the first part tutorial video on the basics of Decision Analysis. In this video, the introduction to Decision Analysis is given together with simple idea of Decision Making under Certainty and five different criteria
for Decision Making under Uncertainty i.e optimistic, pessimistic, Hurwicz, Laplace, and minimax regret approaches were covered with a given example.

[informme]

the video contents are so nice but I wish if you could fix the sound and reupload the video again.

[nobelnoel]

thank you so much!!! You made this topic totally easy <3 love lots

[MrDutmand]

Good video explanation of Decision Analysis and the different kinds of "Decision Making under..." If you want to make your videos better and easier to follow along, I could suggest that the audio quality need some work. Otherwise, keep on the good work!

[lysteriadismuke]

Why when calculating the like equal likelihood for the last option, when you add 40, 000 + 40, 000 it equals 100, 000 instead of 80, 000?

[prettyparadoxicalwoman]

<3 awesome sauce your a good teacher

[angelpascual]

Can you pls help me to answer/solve this with conclusion.


Alternative Capacity for New Store

New Bridge Built No New Bride

A. 1 14

B. 2 10

C. 4 6

Where
A= Small
B= Medium
C= Large


1.Assume the pay offs represents profits. Determine the alternative that would under minimax approach.

2. Assume the pay offs represents profits. Determine the alternative that would be chosen under maximin approach.

3. Assume the pay offs represents the profits. Determine the alternative that would be chosen under maximax approach.

4. Assume the pay offs represents profits. Determine the alternative that would be chosen under laplace approach.