1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Nady [450]
3 years ago
7

What is the difference between an optimistic approach and a pessimistic approach to decision making under assumed uncertainty

Business
1 answer:
Hitman42 [59]3 years ago
3 0

Answer:

The optimistic approach examines the best possible outcome in a given situation and chooses the 'best of the best' while the pessimistic approach examines the worst possible outcome in a given situation and chooses the 'best of the worst'.

Explanation:

Decision making under assumed uncertainty is an approach that is taken when the outcomes of future events are not entirely known. The Hurwicz criterion provides a basis on which the pessimistic and optimistic outcomes can be balanced. This criterion allows the person who makes the decision to chose a coefficient of pessimism signified by alpha (α) and it is a decimal that is graded between 0 and 1. This number signifies the worst possible outcome whereas, the number (1-α) signifies the best outcome.

So, the optimistic approach examines the best possible outcome in a given situation and allows the decision-maker to choose the 'best of the best', while the pessimistic approach examines the worst possible outcome in a given situation and the decision-maker to choose the 'best of the worst'

You might be interested in
A 63-year-old man presents to the office with hematuria, hesitancy, and dribbling. Digital rectal exam (DRE) reveals a moderatel
storchak [24]

Answer:

A 63-year-old man presents to the office with hematuria, hesitancy, and dribbling.

Digital rectal exam (DRE) reveals a moderately enlarged prostate that is smooth.

The PSA is 1.2.

The most appropriate management strategy to follow at this time is:

Explanation:

This 63 year-old-man is at  his elderly stage, meaning that it may have brought the enlargement of the prostate, as the DRE revealed, squeezing the urethra moderately and causing difficulty with urination such as a intermittent flow or dribbling, hematuria and hesitancy, so an urine flow study might be helpful to detect reduced urine flow associated with BPH (Benign Prostatic Hyperplasia).

Although his PSA level of 1.2 nanograms per milliliter (ng/mL) of blood is still in the normal range, a test must be performed to determine how fast is the PSA level is increasing, as it is associated with prostate cancer.

A questionnaire must be filled out to determine the type and severity of symptoms and if they have impacted his routine life.

Digital rectal examination (DRE): The physician inserts a gloved finger into the rectum (located next to the prostate) and feels the back of the prostate. Prostate cancers can sometimes be detected as lumps or bumps on the prostate here.

Depending on the results the patient could get a cystoscopy, which is a test that allows the physician to inspect the inside of the prostate, urethra channel and bladder, using a mini-camera inserted within a thin tube.

If the doctor finds cancer suspicious data, he might order a transrectal ultrasound, a transabdominal ultrasound or a prostate magnetic resonance imaging (MRI).

BPH is the most common urologists diagnosed disorder of the prostate gland in males between the ages of 45 and 76.

7 0
4 years ago
The process of gathering and evaluating information to determine whose interests should be emphasized throughout the project is
grin007 [14]

Answer:

whose interests shoud be emphasized throughout the project

Explanation:

7 0
3 years ago
Identify and describe the basic elements of a safety program
lys-0071 [83]
Hope it helps! ///////////

7 0
4 years ago
A client who has been training at high intensities in preparation for a triathlon reports joint pain, excess fatigue, and the in
ser-zykov [4K]

Answer:

The correct answer to the following question is option B) Exhaustion .

Explanation:

The general adaptation syndrome can be described as 3 stage response , that body has to stress. These are alarm reaction, resistance and exhaustion. Exhaustion is the third stage in the general adaptation syndrome, where the body has already lost its energy resources by continuously trying but the body is not able to recover from the first alarm reaction stage. In this stage body is no longer able to fight the stress.

7 0
3 years ago
Distinguish between saving, consumption, consumption function and saving function​
Natali5045456 [20]

CONSUMPTION FUNCTION:

 It is the relationship between consumption expenditure and the level of disposable income.

C = f (Yd) , where 

C represents the consumption expenditure

Yd represents disposable income

It shows how a change in income influences the consumption pattern

SAVING FUNCTION:

It is the relationship between savings and the level of disposable income

 S = -S(bar) + sYd

where

S(bar) is autonomous saving

s represents marginal propensity to save

Yd represents disposable income

 it shows how change in income influences savings

7 0
3 years ago
Other questions:
  • A company has a share price of $24.50 and 118 million shares outstanding. Its book equity is $688 million, its book debt-equity
    5·1 answer
  • Identical products, as well as a large number of buyers and sellers, are characteristics of a__________
    6·1 answer
  • Brie just created the blueprint of a deck using her computer software. She then sent the design to Gunther, who estimated the to
    12·2 answers
  • Define the four factors of production and the differences between physical and human capital.
    5·1 answer
  • In​ class, we discussed the differences between a contribution income statement versus the traditional approach​ (absorption whi
    6·1 answer
  • Which speaker is most likely to make high-risk investments?
    8·1 answer
  • Which situation best illustrates the role of businesses in the circular flow of<br> goods?
    15·2 answers
  • Given that inflation in the U.S. is projected at 2% annually for the next 5 years and at 8% annually in India for the same time
    12·1 answer
  • A project's break-even occupancy level is determined by: _______________
    11·1 answer
  • The applications of analytics are not just limited to business but extend to a wide-array of human activity.
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!