Decision Analysis 1.1 (Costs) - Optimistic, Conservative, Minimax Regret

Decision Making Without Probabilities: Cost Example.

This brief video explains the components of the Payoff Table and the systematic approaches involved in making decisions under uncertainty:
Optimistic (Maximax)
Conservative (Maximin)
Minimax Regret

Other videos:

Decision Analysis 1: Maximax, Maximin, Minimax Regret

Decision Analysis 2.1: Equally Likely (Laplace) and Realism (Hurwicz)

Decision Analysis 2: EMV & EVPI - Expected Value & Perfect Information

Decision Analysis 3: Decision Trees 1

Decision Analysis 4: EVSI - Expected Value of Sample Information

Decision Analysis 5: Posterior Probability Calculations

[Me-wkdz]

Honestly this 5 minute video covered a week's worth of curriculum so well, goes to show how inefficient the education system can be

[ChelseaD]

You taught me decision analysis in under an hour, so thank you! My exam is tomorrow (:

[dianachestnut]

These videos are excellent! I have never had to use excel or perform anything resembling these operations in my life. Suddenly I find myself in a graduate class in which the professor expects us to all be proficient in this topic going in. Gulp! I met with the professor and still nothing has made sense the way these videos do. Thank you for saving my grade, sanity, and scholarship!!!

[abdulhaqqsalawu]

Great video. Thanks for making this extra-ordinarily simple and easy to understand.

[romanzolanski]

where have you been all my life this was so straight forward

[ruhulaminfuad]

Thank you so much. I was so confused with it. But after watching this video, I am clear with these problems.

[akhilkalvakuri]

Thank you so much these videos are better than my college classes.

[manojnagendiran]

simple and elegant.. Helps a lot. Thank you very mcuh for the video

[Surnaturel]

Thank you so much Josh for these videos. they are a great grade saver.

[samadfarooq]

Excellent stuff well appreciated Mr. Joshua

[olgag]

Awesome explanation, thank you so much! You are the best teacher!

[tuanzakwan]

Due to the quarantine, I can't retrieve my notes at my university. Thank you for this video.

This was the best.I had doubts on cost/profit and you cleared me..Thanks sir

[Maha]

thanks for the videos :)
if we have 2 decisions provide the same minimax using the conservative approach. which one we can choose ?

[khanyisanimlaba]

Excellent and surely it clear to every one.

[keneokeke]

Thank you so much. You saved a life sir

[BuyTheDip]

Is there a cost example with probabilities? I'd like to see the answer for EMV, EV with PI, and EV of PI using this payoff table of costs.

[silversurfer]

Thank you so much, what a great teacher. Keep it up buddy

[nadiakhan]

Thankyou Joshua you really explained it well. Keep it up

[ibiwariamabibi]

I love your tutorials. please if i am given a question with two probability instead of three to calculate the optima expected value. How then do i go about it.