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What are the strengths and weaknesses of the expected value approach to decision making?
•May be more concerned
about what is worst that can
happen
•How closely does range
cluster about the mean?
•Need to look at
standard deviation
and coefficient of variation.
•If investment is repeated
ENPV
gives the average outcome
•If investment occurs once
most likely outcome has
highest probability
What else can I help you with?
What are the strengths and weaknesses of globalization?
Strength: Unity and better prospects for the future. Weakness: Difference of opinions from each member country, therefore splitting up of ideas, and not holding up a universal concept which everybody can agree on, which can lead to far worse results than expected.
Limitation of expected value in decision making?
Expected value of a random variable requires that the random variable can be repeated in experiment indefinitely. If the random variable can only be repeated finite times, e.g. once, there is an inadequacy of the expected value principle for a decision maker.
What is the expected backtracking runtime for solving this problem?
The expected backtracking runtime for solving this problem is O(2n), where n is the number of decision points in the problem.
What is a normative approach?
A theory in which certain applications are applied that best fit the expected norms of society.
What feedback might a teaching assistant be expected to provide and in what form and to who?
Feedback as an assistant would be aimed at The subject teacher in the form of written and oral formats. Its content would normally be about the students in their care and how the are progressing, issues being found in their development skill and generic personal information about the student. To the parents of the pupil (as stated above) To the student - On their progression and strengths and weaknesses
What is the relationship between expected value and probability in decision-making processes?
Expected value is a measure of the average outcome of a decision, calculated by multiplying the probability of each possible outcome by the value of that outcome. In decision-making, the expected value helps to assess the potential outcomes of different choices based on their probabilities, allowing individuals to make informed decisions by considering both the likelihood of different outcomes and their associated values.
How were the British and French different in their colonial approach?
France expected colonies would always be apart of France.
Why were colonists angered by King George III's approach to governing them?
The colonists expected to be free from England after the French and Indian War
What type of decision that can made by following a definite procedure?
If a tried, tested and definite procedure is carefully followed, the decision finally reached, would be expected to be the correct one.
Commly asked questions employer may ask?
Mostly just common sense usually, why you left last job, salary expected, why you want to work there experience or special skills, very few go farther unless they want to feel you out then they might ask about your greatest strengths or weaknesses or other personal q/s
Why were colonists angered by king George approach to governing them?
The colonists expected to be free from England after the French and Indian War
Fair weather can usually be expected with the approach of?
Fair weather can usually be expected with the approach of a high-pressure system. High-pressure systems are generally associated with clear skies, light winds, and stable atmospheric conditions, leading to fair weather conditions.
