independently of the other‚ and if each player makes his choice of the number of fingers he will hold up and the number he will guess that his opponent will hold up in such a way that each of the 4 possibilities is equally likely‚ what are the possible values of X and what are their associated probabilities? A given player can only win 0‚ ±2‚ ±3‚ or ±4 dollars. Consider two players A and B ‚ and let X denote player A’s winnings. Let Aij denote the event that player A shows i fingers and guesses j ‚
Premium Probability theory Expected value Random variable
http://www.jstor.org Fri Nov 30 17:15:43 2007 EXPOSITION OF A NEW THEORY ON THE MEASUREMENT OF RISK’ $1. EVER SINCE mathematicians first began to study the measurement of risk there has been general agreement on the following proposition: Expected values are computed by multiplying each possible gain by the number of ways in which it can occur‚ and then dividing the sum of these products by the total number of possible cases where‚ in this theory‚
Premium Utility Expected value
EVALUATION OF PROJECT/TRAINING:- Objectives • Determine the scope of an evaluation project. • Analyze pre-training baseline and expected performance. • Determine organizational support for training evaluation. • Prepare an evaluation plan. • Design evaluation instruments. • Collect evaluation data. • Verify the validity and reliability of evaluation data. • Calculate the return-on-investment (ROI) of training. • Assess the return-on-expectations (ROE) of training. • Determine the results
Premium Management Evidence Expected value
arrives at the conclusion that belief in the Christian God is the rational course of action‚ even if there is no evidence that He exists. Pascal’s claim is that it is better to believe that God exists because the expected value of believing that God exists is always greater than the expected value resulting from non-belief (Pascal 154). Analogously‚ Shakespeare’s Hamlet addresses a problem concerning whether and how to act. Though Hamlet is often analyzed as a play about indecisiveness and‚ hence‚
Premium God Pascal's Wager Reason
nothing 0 0 2. What is the Maximax decision? 170‚000 3. What is the Maximin decision? 50000 4. What is the criterion of realism decision? Use α = 0.6. to build a large station 72‚000 5. Develop an Opportunity Loss Table Scenario 1 Scenario 2 Expected Maximum Probability 0 0 Decision 1 100000 30000 0 100000 Decision 2 60000 40000 0 60000 Decision 3 0 50000 0 50000 Decision 4 170000 0 0 170000 Minimum 0 50000 6. What is the Minimax Regret Decision? 50000 2. Data
Premium Arithmetic mean Filling station Expected value
relationships among both financial and non-financial data’. They also encompass ‘such investigation as is necessary of identified fluctuations or relationships that are inconsistent with other relevant information or that differ from expected values by a significant amount’ (ISA/HKSA 520(4)). A basic premise underlying the application of analytical procedures is that plausible relationships among data may
Premium Expected value Financial audit Auditing
winning but may increase the expected value. If the winning number is chosen by many people‚ the prize has to divide among many people. It is true that people may select ‘popular numbers’ very often than ‘unpopular numbers’. For example‚ 11111 is a popular number and there may be many bets on that number than some other unpopular numbers. In the case of a win in a popular number‚ the price has to be divided among many and hence in terms of probability and expectation‚ the expected price will be small for
Premium Probability theory Expected value Random variable
Controls Case Answer 1 I would say we should sell existing valves than develop an improved model and sell it at increased price if you simply look at the decision tree I made based on the assumption and information the case provides. The Expected Monetary Value (EMV) of building new model is $105‚500‚ whereas we can earn $100‚000 payoffs by selling current model (see Figure 1). When considering the situation the Orion Controls faces‚ however‚ I should reconsider my decision. Orion has established
Premium Expected value Random variable Probability theory
break of daylight. I looked forward weekends‚ because that meant "Uncle Dean Time". I expected to hang out with my Uncle Dean every Friday and Saturday. In fact‚ I knew for certain he would be waiting at my father’s home with some brand new clothes or any other prize vied for by a 10 year old. Little did I know that over the next coupe of years‚ I would gain knowledge of one of the most important lessons of life: value those dearest to you‚ for you never know how long they will be in your company. When
Premium Life Weekend Family
CLICK TO DOWNLOAD MAT 540 WEEK 1 TO 11(Strayer) MAT540 Week 1 Homework Chapter 1‚ Problems 2‚ 4‚ 12‚ 14‚ 20‚ 22 2. The Retread Tire Company recaps tires. The fixed annual cost of the recapping operation is $60‚000.The variable cost of recapping a tire is $9.The company charges $25 to recap a tire. a. For an annual volume of 12‚000 tires‚ determine the total cost‚ total revenue‚ and profit. b. Determine the annual break-even volume for the Retread Tire Company operation. 4. Evergreen
Premium Variance Costs Variable cost