BUSINESS ADMINISTRATION
BUSINESS ANALYTICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Utility Theory
|
|
|
Business Analytics
|
|
|
Simulation Optimization
|
|
|
Data Mining
|
Detailed explanation-1: -Utility theory is the study of the total worth or relative desirability of a particular outcome that refl…
Detailed explanation-2: -Utility theory proposes that decision makers must represent the desirability of each possible course of action using a common scale and that choosing is the process of selecting the most desirable of these possible courses of action.
Detailed explanation-3: -The conjunction of utility theory and decision theory involves formulations of decision making in which the criteria for choice among competing alternatives are based on numerical representations of the decision agent’s preferences and values.
Detailed explanation-4: -In decision theory, subjective expected utility is the attractiveness of an economic opportunity as perceived by a decision-maker in the presence of risk. Characterizing the behavior of decision-makers as using subjective expected utility was promoted and axiomatized by L. J.
Detailed explanation-5: -Expected utility theory provides a way of ranking the acts according to how choiceworthy they are: the higher the expected utility, the better it is to choose the act. (It is therefore best to choose the act with the highest expected utility-or one of them, in the event that several acts are tied.)