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!!!
Please sir help me to solve this problem A1,A2,A3 are the acts and S1,S2,S3 are states of nature Also P (S1)=0.5,P(S2)=0.4 and P(S1)=0.1.calculate the expected value of perfect information.
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.
hey sir, just wanted to clarify one doubt - could you please tell why did you take -9 for s3 of minimax regret approach instead of -5? when that is the lowest value as we are doing costs. thank you so much for this video , god bless!
Please for the maxi maxi I think there is a mistake because from the table the number 14 from d1 is the best,15 from d2 is the best and 18 from d3 is the best and so when we compare everything the best of best is d3 which is the figure of 18 please
@@joshemman Suppose the budgeted demand for product X will be 11,500 units if the price is $10; 8,500 units if the price is $12 and 5,000 units if the price is $14. Variable costs are estimated at either $4; $5, or $6 per unit. Required, determine the best price to set under each of the criteria. This is what I mean
Suppose under minimax and optimistic we found 24,23,23 how do we choose our min regret . I know books said we add an additional factor but to were exactly ?
If you're provided additional factors, then apply them to the alternatives to determine the better one. Typically, if there is a tie between your best options, say A and B, then you are indifferent between them.
Honestly this 5 minute video covered a week's worth of curriculum so well, goes to show how inefficient the education system can be
You taught me decision analysis in under an hour, so thank you! My exam is tomorrow (:
Good Success on your exam ChelseaD126.
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!!!
Diana Chestnut Diana can you speak Arabic?
Great video. Thanks for making this extra-ordinarily simple and easy to understand.
Saa.abhaqq An
Great to know the video makes it easy to understand.
Thank you!
Excellently executed. Great teach!
where have you been all my life bro..... this was so straight forward
Thank you so much. I was so confused with it. But after watching this video, I am clear with these problems.
thank you very much. from Zimbabwe
Thank you so much these videos are better than my college classes.
simple and elegant.. Helps a lot. Thank you very mcuh for the video
Best of best broo
This was the best.I had doubts on cost/profit and you cleared me..Thanks sir
Thank you so much Josh for these videos. they are a great grade saver.
Awesome explanation, thank you so much! You are the best teacher!
Due to the quarantine, I can't retrieve my notes at my university. Thank you for this video.
Excellent stuff well appreciated Mr. Joshua
Thank you so much. You saved a life sir
This is excellent
I am speechless with you!
Excellent and surely it clear to every one.
Thank you so much.
Very Good Job! Thank You!
Thank you so much
Ty so much for helping have a nice day
Very helpful tutorial
Thankyou Joshua you really explained it well. Keep it up
you taught me better than my doctor
Thank you so much, what a great teacher. Keep it up buddy
Thank you
thanks so much you helped me to do my homework but i need to know how to find laplace and hurwicz with costs
Ah thank you for this video! I think I Get it now! (exam is thursday)
All the best on your exam.
thank you... nice explanation ,very clear.. keep it up👍
thanks! very helpful video. I have exam tomorrow. :D Wish me all the best hehehehe
thanks a lot for these videos you are really a bless! , Can you please explain the Thompson Lumber: Sensitivity Analysis ??
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.
Thank you!
Nice vid!
Thanks a lot
what are the pros and cons of using with or without probabilities?
Please sir help me to solve this problem A1,A2,A3 are the acts and S1,S2,S3 are states of nature Also P (S1)=0.5,P(S2)=0.4 and P(S1)=0.1.calculate the expected value of perfect information.
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.
thanks for the videos :)
if we have 2 decisions provide the same minimax using the conservative approach. which one we can choose ?
+Maha ..
You can choose either.
For example: Choose d1 or d3.
Maha .. Can you speak in Arabic please?
I wanna to communicate with you? To study it for me
For a little time in Arabic
If you don't mind 😇
Please sir how are we going to know may be the state of nature is profit or cost
You are the best💙💙
well explained
BEST
When can the opportunity loss be negative?
Kindly do unit for Account for liability
dude!! you re awesome!!
what is "equally likely criterion" in these case?
is this the "minimax regret"?
No, "equally likely" is not "minimax regret". For "equally likely", choose the decision with the minimum average.
thanks
hey sir, just wanted to clarify one doubt - could you please tell why did you take -9 for s3 of minimax regret approach instead of -5? when that is the lowest value as we are doing costs.
thank you so much for this video , god bless!
-9 is smaller than -5
Please for the maxi maxi
I think there is a mistake because from the table the number 14 from d1 is the best,15 from d2 is the best and 18 from d3 is the best and so when we compare everything the best of best is d3 which is the figure of 18 please
Note that these are costs -the smaller the better.
very helpful! do you have other online class link?
Are those costs the total costs? What do you do when given variable costs
It depends on the context.
@@joshemman Suppose the budgeted demand for product X will be 11,500 units if the price is $10;
8,500 units if the price is $12 and 5,000 units if the price is $14. Variable costs are
estimated at either $4; $5, or $6 per unit.
Required, determine the best price to set under each of the criteria. This is what I mean
@@jmoney4263 You have to create a table for the problem. Your payoffs will be the total contribution.
Do you already have the table?
Suppose under minimax and optimistic we found 24,23,23 how do we choose our min regret . I know books said we add an additional factor but to were exactly ?
If you're provided additional factors, then apply them to the alternatives to determine the better one. Typically, if there is a tie between your best options, say A and B, then you are indifferent between them.
@@joshemman so in a situation were the additional factors aren't given to us we pick both A and B under minimax ?
@@chiwishamundundu5552 It should be "either A or B". Use "or". Don't use "and"
@@joshemman okay thanks. Personally I would need some extra help because I'm not understanding on the part if we have same amounts 😭.
:) thank u
please do you have a web site where i can see all the videos
+Abubakar Sadiq Williams
Sorry. There is no website. You will find all available videos on my channel here on RUclips.
You save me 😅 I have final exam 🤞🏼
The profit one is easy so, I try to find something that pay-off (cost)😍😍
Hmmm... should I focus on minimum regrets? Heck no techno... wait... hmmm...
👍♥️
i love you
🌝
thank you