Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Statistics and Probability Expert

The Oakland Bombers professional basketball team just missed making playoffs last season and thinks it needs to sign only one very good free agent to make playoffs next season. The team is considering four players: Barry Byrd, Rayneal O'Neil, Marvin Johnson, and Michael Gordan. Each player distinct according to position, ability, and attractiveness to fans. The payoffs (in $1,000,000s) to the team for each player, based upon the contract, profits from attendance, and team product sales for many different season outcomes, are provided in following table

Season Outcome
Player Loser Competitive Makes Playoffs
Byrd     $-3.2    $ 1.3    4.4
O'Neil  -5.1         1.8    6.3
Johnson -2.7    0.7    5.8
Gordan   -6.3      -1.6    9.6

Find out the best decision, using the following decision criteria.

a) Maximan

b) Maximix

c) Hurwicz (α = .60)

d) Equal Likelihood

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M923093

Have any Question? 


Related Questions in Statistics and Probability

A man has a simple discount note for 6200 at an ordinary

A man has a simple discount note for $6200 at an ordinary bank discount rate of 8.61 % for 40 days. What is the effective interest rate? Round to the nearest tenth of a percent. (Use the banker's rule.)

We wish to generate a periodic sequence of numbers that

We wish to generate a periodic sequence of numbers that cycles through the integers from 1 to 100 in a pseudorandom fashion. Choose a pair of integers that can be used in the power residue method to produce a sequence of ...

Let xt acosomegat bsinomegatnbsp where a and b are

Let X(t) = Acos(ω t )+ Bsin(ω t  ) where A and B are independent, zero-mean, identically distributed, non-Gaussian random variables. (a) Show that X(t) is WSS, but not strict sense stationary. Hint: For the latter case c ...

The problems on this assignment require you to find and

The problems on this assignment require you to find and compare survival between groups. Answer all questions specified on the problem but if you see something interesting and want to do more analysis please report it as ...

1 compute the area under the standard normal curve in the

1) Compute the area under the standard normal curve in the interval [-.75, .75]. What is the 75th percentile of the standard normal curve? 2) There is a data set that closely follows a normal distribution with standard d ...

Q1 a local school board wanted to compare test scores on

Q1) A local school board wanted to compare test scores on standardized mathematics tests for 9 th grade students in 2 different junior high schools. A random sample of 10 students from school A and a random sample of 10 ...

A sequence of random variables xnnbspis to be approximated

A sequence of random variables, X n  is to be approximated by a straight line using the estimate    Determine the least squares (i.e., minimum mean squared error) estimates for a  and b if samples of the sequence are obs ...

A pair of random variables is uniformly distributed over

A pair of random variables is uniformly distributed over the ellipse defined by  (a) Find the marginal PDFs  (b) Based on the results of part (a), find  (c) Find the conditional PDFs,  (d) Based on the results of part (c ...

A communication system sends binary data 0 or 1 which is

A communication system sends binary data {0 or 1} which is then detected at the receiver. The receiver occasionally makes mistakes and sometimes a 0 is sent and is detected as a 1 or a 1 can be sent and detected as a 0. ...

Suppose we modify the communications network as shown in

Suppose we modify the communications network as shown in the diagram by adding a link from node B to node D. Assuming each link is available with probability independent of any other link, what is the probability of bein ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate