What are the criteria under condition of uncertainty?


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Decision Making Under Uncertainty : In EMV or EOL criterion we use probabilities associated with occurrence of different states of nature. If these probabilities are not known then we cannot EMV or EOL. It means there is no historical data available or no relative frequency which could indicate the probability of occurrence of a particular state of nature. We come across such situations. When new product is to be launched in the market or new factory is set up. In business situation there are many problems of this type and here the choice of selecting suitable course of action depends upon the decision maker, his views and thinking. The numbers of different criteria available under the condition of uncertainty are :

(1)       Maximin Criterion

(2)           Maximax Criterion

(3)           Minimin Criterion

(4)           Minimax Regret Criterion

(5)           Laplace Criterion

 


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MT UVA BMS

MT UVA- University, Vocational and Affiliated Education for BMS

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