Decision Analysis 1b: Equally Likely (Laplace) and Realism (Hurwicz)

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This brief video explains how to make decision using the following decision making (under uncertainty) criteria:
• Equally Likely (Laplace)
• Realism (Hurwicz)
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Опубликовано:

24 сен 2024

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Комментарии : 121

@Ramonerdna 5 лет назад

I LOVE YOU SO MUCH!!! You clarified in less than 5 minutes what my lecture couldnt do in an hour

@stephenphan2761 5 лет назад

give me your lecture pls

@mirceads 7 лет назад

Just spent a full day in class trying to understand this, and you made it so much easier! Thanks a million for your videos!

@MrBuckethead911 7 лет назад

Super simple, easy and well explained. You speak with the right tempo and tone and what you're saying is very easy to follow. Great videos, thank you!

@abdulfatahalfandi4551 3 года назад

You have no idea how much your videos helped me! thank you very much, Joshua!!

@caglasudealtun5772 3 года назад

Thanks to you for helpful information but ı don't understand that how we are choose that a= :0.3 . can you explain please ?

@joshemman 3 года назад

α = 0.3 is just an example to illustrate the concept. If you're working on an exercise, you will be provided with α.

@erowookuabor6206 Год назад

Thank you. You can imagine that I skipped the Indian dude to get to you. Came here coz of Hurwicz and your explanation was very clear

@Extreme-Sam Год назад

Not gonna lie, you clarified what my lecturer couldn't do for me in 5 mins Thanks so much.

@goodgirl140 6 лет назад

Already said it on your last video, but I love you!! Thank you so much for the help!!

@IchbinLorenz 4 года назад

Thank you so much Joshua! It really helped me out and you gave by far the best explanations out of all videos that I watched. Have a nice day!

@mustafaemirzval4938 3 года назад

your pronunciations are so fluent and understandable. you are awesome thank you so much

@ronaldfarmer7205 8 лет назад

Wanted to thank you again your lessons have really helped me in my Quality Management Class and Risk Management appreciate you ! I'm in graduate school been a lot of refreshing my statistics and math

@melissachunn5392 8 лет назад

Thank You so much! I am in operations management and have a test due tonight and your videos just saved me!!

@habtamubelete5794 5 лет назад

how we calculate alpha(0.3)?

@XYYZI 4 года назад

Thats my question as well.

@wildlifeisthewealthofnatur5457 6 месяцев назад

Actually alpha has no fix value,it's depends on the manager who is taking decision,it means alpha value can have a range between 0-1.and if manager is optimistic he will choose more than 0.5 and close to 1 and if he is passimist he will choose less than 5 and close to 0.

@wildlifeisthewealthofnatur5457 6 месяцев назад

Actually alpha has no fix value,it totally depends on decision taker,if the he is optimistic he will choose good number range between 0-1 and if he is passimist then he will choose closer to 0 ranges .

@nakyejweeron2709 3 года назад

Your such a very good teacher.... Mr. Joshua.

@seidabdela9000 Год назад

Very Thank you, you make very simple ,but when i learn in class it was very complex

@TheKattdaddy101 2 года назад

thank you king, now hopefully I pass my midterm!!

@lavernenewton5449 9 лет назад

Thank you so much your information and tables are very, very helpful and your voice is easy to listen to as well

@lizturner989 8 лет назад

Great video, easy to understand and very helpful. thank you :)

@lcarter0524 9 лет назад

OMG, this was such a great help. Loved the way you explained it.

@joshemman 9 лет назад

LaShawne Carter Thanks for your comment LaShawne. Glad it helps!

@facelesspodcaster5594 4 года назад

@@joshemman what if the coefficient of realism has an alpha of 0.5 is the answer both alternatives with positive and negative payoffs?

@joshemman 4 года назад

@@facelesspodcaster5594 No. You still have to do the calculations and follow the process of making the decision.

@facelesspodcaster5594 4 года назад

@@joshemman thanks for answering OK so which ever has the highest payoff is the answer?

@joshemman 4 года назад

@@facelesspodcaster5594 Yes.

@nickyd7843 Год назад

Made it so easy I’m worried now 😂. Thank you so much

@ChrisDoll44 Год назад

Thank you, Joshua. Very helpful information and clearly presented.

@adlaideiria4201 11 месяцев назад

Thank you for this 😅 you made these calculations really understandable 😅

@zak15557 3 года назад

idk if ill need these videos after this semester but ima subscribe lmao

@tenzintsephel3556 9 лет назад

how to find hurwitz approach when alpha is not given in question?

@joshemman 9 лет назад

+Tenzin Tsephel alpha must be known to use Hurwitz. Otherwise, a hint should be given on whether the decision maker is optimistic (α > 0.5) or pessimistic (α < 0.5). That, is, use a value greater than 0.5 if optimistic, and less than 0.5 if pessimistic.

@SonPham-gh9rf Год назад

Thank you so much, this is very very easy to understand!

@sundaystephanie7147 Год назад

Thank you so much…my struggle just ended😚

@azizjuraboev 8 лет назад

Thank you very much Sir! You are great Explainer than my Prof in Germany.

@niso5051 3 года назад

I am glad that I ve found you

@bridgetobot2851 6 лет назад

extremely helpful till date! job well done

@yigitylmaz1475 5 лет назад

Very helpful, loved it. I hope you gonna back on youtube and publish more videos ! Cheers

@WUB2321 6 лет назад

Well done! in short video you have delivered good concept.

@karthikdhanya9835 5 лет назад

On what basis is the value of alpha chosen?

@XYYZI 4 года назад

My train of thought exactly.

@anatolekaboyi5420 3 года назад

You are the best Emmanuel

@shakilhossain1565 8 лет назад

Thank you so much. It is very helpful.

@randyfisk348 7 лет назад

Thank you it was very helpful. May God Bless you

@ammanaayanpeace 9 лет назад

awesome explanation ... more videos pls

@finess3 5 лет назад

Your videos are great, how do you know which situation you choose which kind of desicion strategy?

@pickinnt63 9 лет назад

Thanks for the information. it is very helpful

@joshemman 9 лет назад

+Michael Johnson Glad it helps Michael.

@pickinnt63 9 лет назад

You good and thanks. And when I get home tomorrow from work, i will subscribe to get more help from you. Thanks again

@vin1176 4 года назад

Thank you sooooooo much! this helped me understand the process...

@nomi0424 6 лет назад

WOW best explanation. your videos are great

@lisape6620 9 лет назад

thank you so much!! greetings from germany :)

@joshemman 9 лет назад

+Lisa Pe You're welcome Lisa.

@christopherlambert7549 8 лет назад

Yes, yes I did follow your name to find help for another problem.

@АсенМирославов 2 года назад

「あなたの動画はとても良いですし、メッセージがた

@heisen-burger 8 месяцев назад

helped a lot. thanks josh.

@joshemman 8 месяцев назад

Glad it helped. Thanks!

@shwethaheetun3339 9 лет назад

thanxs so much for such a clear explanation.

@joshemman 9 лет назад

shwetha heetun You're welcome Shewtha.

@aartisundar433 6 лет назад

Very well explained. Thanks a lot .

@menaka9799 4 года назад

You helped me :) Thank you - Really appreciating your help :)

@dipesharora17 8 лет назад

Thanks sir, I am from INDIA today is my statistics exam for BCOM(H) and this video is very helpful.

@dipesharora17 8 лет назад

But sir in my book it is written when alpha=0 then optimistic Alpha=1 then pessimistic. Also the formulae is reversed 1-alpha for good and alpha for bad

@joshemman 8 лет назад

+Dipesh Arora If that's how your textbook defines it, then stick to that.

@dipesharora17 8 лет назад

+Joshua Emmanuel Thanks very much sir.

@wilandap.2606 7 лет назад

Thank you It is very helpful🤓😁

@andeyinnjo4567 2 года назад

Hello sir! I would like to use this wonderful and easy to understand explanation in my report. May I?

@joshemman 2 года назад

Sure, go ahead Andey.

@andeyinnjo4567 2 года назад

@@joshemman Thank you sir😊

@drallisimo34 8 лет назад

great explanation!!!

@scarmoh 8 лет назад

Thank you very much , you are a great man

@malvinroixorense2530 4 года назад

Is it the other way around when the table involves cost items?

@deandraholland6592 3 года назад

How do you calculate alpha?

@tks2003 8 лет назад

thank u so much sir. very good eplanation.

@loupast7587 3 года назад

Is alpha a given? The 0.3?

@getnetanteneh4139 Год назад

Very good

@QueenBridges420 7 лет назад

Thank you so much for this tutorial :)

@kareng4120 6 лет назад

You are the best of the best

@sirlico 5 лет назад

you make it easy. thank you

@harishkingar801 5 лет назад

Thanks sir.... I understood were easily

@hinaaslam3705 4 года назад

Funtastic video and thnkx for help

@ChinnyD85 3 года назад

THANK YOU BUT IS ALPHA (0.3) A CONSTANT?

@joshemman 3 года назад

Alpha is a value between 0 and 1...not a constant. We typically find an alpha that minimizes the errors.

@hamadhathboor6917 7 лет назад

Amazing!! thank you very much

@sumaia4237 5 лет назад

This really helped! Thanks

@abdel-azizkhattab4819 8 лет назад

Thank you, really helpful.

@tolujesuwumi9889 2 года назад

Thank You for this

@rahullamba3387 2 года назад

You are great.

@ethiodiversity-1184 3 года назад

good tips

@stararunjohn8 6 лет назад

What if the Laplace average column has two same values(maximum), which will be the best course of action?

@joshemman 6 лет назад

If both d1 and d2 have max averages. Then the best course of action is "d1 or d2"

@kaleabbiruk2094 2 года назад

Thanks

@冯文彬-g4w 8 лет назад

very helpful

@ingrida693 4 года назад

Thanks so much for you help!!

@jolieobi 7 лет назад

very helpful. Thanks

@vhusafheliratshilingano3201 9 лет назад

wow...you're good sir, thank you

@joshemman 9 лет назад

You're welcome Vhusafheli Ratshilingano.

@jerryking3537 Год назад

How we calculate alpha as 0.3 ??

@joshemman Год назад

It was given.

@moniquetulloch5091 5 лет назад

Thank you!

@ouissalazeroual 4 года назад

Thank you so much

@christiwanye4890 5 лет назад

THANK YOU

@beatriceu.5071 4 года назад

Hello, what if in Laplace criterion , we have the same payoff ?

@joshemman 4 года назад

If the payoffs are all the same, then their average will be the same value.

@beatriceu.5071 4 года назад

@@joshemman and which one will be a good choice among decisions ?

@girmalema Год назад

Tnx

@lakshmi5637 6 лет назад

tq most helpful

@Hailey0827 Год назад

love it

@user-vd8ot8ez4h 3 года назад

I loooovvve you thank youuuuuu

@katgrande6704 3 года назад

Thankyouuuu💜

@ebrimaojobe3943 2 года назад

What if it’s a minimisation

@joshemman 2 года назад

For minimisation, choose the minimum. For "Realism", it will be alphaxlowest + (1-alpha)xhighest.

@ebrimaojobe3943 2 года назад

@@joshemman thanks Jos

@hambaallah5586 Год назад

Wow😮

@godfreyvahaye6388 4 года назад

Saved the dat

@abuumaryam7970 8 лет назад

thank you very much

@pitirimctan 8 лет назад

thanks

@amrapalikamble8080 7 лет назад

thank you so much