Decision Analysis 1.1 (Costs) - Optimistic, Conservative, Minimax Regret

[@Me-wk7dz]

Honestly this 5 minute video covered a week's worth of curriculum so well, goes to show how inefficient the education system can be

[@dianachestnut6830]

These videos are excellent! I have never had to use excel or perform anything resembling these operations in my life. Suddenly I find myself in a graduate class in which the professor expects us to all be proficient in this topic going in. Gulp! I met with the professor and still nothing has made sense the way these videos do. Thank you for saving my grade, sanity, and scholarship!!!

[@MohamedAbdelghanyOfficial]

Diana Chestnut Diana can you speak Arabic?

[@ChelseaD126]

You taught me decision analysis in under an hour, so thank you! My exam is tomorrow (:

[@joshemman]

Good Success on your exam ChelseaD126.

[@romanzolanski3518]

where have you been all my life bro..... this was so straight forward

[@abdulhaqqsalawu]

Great video. Thanks for making this extra-ordinarily simple and easy to understand.

[@joshemman]

Saa.abhaqq An Great to know the video makes it easy to understand. Thank you!

[@gyee89]

Excellently executed. Great teach!

[@ruhulaminfuad2381]

Thank you so much. I was so confused with it. But after watching this video, I am clear with these problems.

[@akhilkalvakuri7096]

Thank you so much these videos are better than my college classes.

[@rebeccampofu4455]

thank you very much. from Zimbabwe

[@4812544266]

This was the best.I had doubts on cost/profit and you cleared me..Thanks sir

[@GemechuBacha]

Best of best broo

[@manojnagendiran9870]

simple and elegant.. Helps a lot. Thank you very mcuh for the video

[@Surnaturel]

Thank you so much Josh for these videos. they are a great grade saver.

[@olgag1367]

Awesome explanation, thank you so much! You are the best teacher!

[@samadfarooq3320]

Excellent stuff well appreciated Mr. Joshua

[@tuanzakwan6794]

Due to the quarantine, I can't retrieve my notes at my university. Thank you for this video.

[@keneokeke200]

Thank you so much. You saved a life sir

[@cacrisc]

I am speechless with you!

[@BuyTheDip627]

Is there a cost example with probabilities? I'd like to see the answer for EMV, EV with PI, and EV of PI using this payoff table of costs.

[@khanyisanimlaba3026]

Excellent and surely it clear to every one.

[@nadiakhan8791]

Thankyou Joshua you really explained it well. Keep it up

[@silversurfer2969]

Thank you so much, what a great teacher. Keep it up buddy

[@victoriaishaya4820]

This is excellent

[@Maha831]

thanks for the videos :) if we have 2 decisions provide the same minimax using the conservative approach. which one we can choose ?

[@joshemman]

+Maha .. You can choose either. For example: Choose d1 or d3.

[@MohamedAbdelghanyOfficial]

Maha .. Can you speak in Arabic please? I wanna to communicate with you? To study it for me For a little time in Arabic If you don't mind 😇

[@propartyevents]

Ah thank you for this video! I think I Get it now! (exam is thursday)

[@joshemman]

All the best on your exam.

[@himashigunasekara4075]

thank you... nice explanation ,very clear.. keep it up👍

[@SpiliosAvgerinos]

Very Good Job! Thank You!

[@MarwaXalsharkawy]

thanks a lot for these videos you are really a bless! , Can you please explain the Thompson Lumber: Sensitivity Analysis ??

[@ibrhim3845]

you taught me better than my doctor

[@halitozturk8318]

Ty so much for helping have a nice day

[@sborhani]

what are the pros and cons of using with or without probabilities?

[@ibiwariamabibi7252]

I love your tutorials. please if i am given a question with two probability instead of three to calculate the optima expected value. How then do i go about it.

[@edwinchungu1294]

Very helpful tutorial

[@ngaboalexis7504]

thanks so much you helped me to do my homework but i need to know how to find laplace and hurwicz with costs

[@ayishasana]

hey sir, just wanted to clarify one doubt - could you please tell why did you take -9 for s3 of minimax regret approach instead of -5? when that is the lowest value as we are doing costs. thank you so much for this video , god bless!

[@joshemman]

-9 is smaller than -5

[@amad_ness]

thanks! very helpful video. I have exam tomorrow. :D Wish me all the best hehehehe

[@odunayoakinfolajimi7522]

Please sir how are we going to know may be the state of nature is profit or cost

[@azzaalshamsi6624]

You are the best💙💙

[@sandywang6438]

very helpful! do you have other online class link?

[@fantaamanuel961]

Thank you so much.

[@saikatrakshit3286]

what is "equally likely criterion" in these case? is this the "minimax regret"?

[@joshemman]

No, "equally likely" is not "minimax regret". For "equally likely", choose the decision with the minimum average.

[@chiwishamundundu5552]

Suppose under minimax and optimistic we found 24,23,23 how do we choose our min regret . I know books said we add an additional factor but to were exactly ?

[@joshemman]

If you're provided additional factors, then apply them to the alternatives to determine the better one. Typically, if there is a tie between your best options, say A and B, then you are indifferent between them.

[@chiwishamundundu5552]

@@joshemman so in a situation were the additional factors aren't given to us we pick both A and B under minimax ?

[@joshemman]

@@chiwishamundundu5552 It should be "either A or B". Use "or". Don't use "and"

[@chiwishamundundu5552]

@@joshemman okay thanks. Personally I would need some extra help because I'm not understanding on the part if we have same amounts 😭.

[@taniobikunle658]

Thank you so much

[@abubakarsadiqwilliams7073]

please do you have a web site where i can see all the videos

[@joshemman]

+Abubakar Sadiq Williams Sorry. There is no website. You will find all available videos on my channel here on KZbin.

[@thelostpearl5594]

When can the opportunity loss be negative?

[@gadgetsnaestheticske]

Are those costs the total costs? What do you do when given variable costs

[@joshemman]

It depends on the context.

[@gadgetsnaestheticske]

@@joshemman Suppose the budgeted demand for product X will be 11,500 units if the price is $10; 8,500 units if the price is $12 and 5,000 units if the price is $14. Variable costs are estimated at either $4; $5, or $6 per unit. Required, determine the best price to set under each of the criteria. This is what I mean

[@joshemman]

@@gadgetsnaestheticske You have to create a table for the problem. Your payoffs will be the total contribution. Do you already have the table?

[@TrungVu-ch2ee]

Nice vid!

[@MaameAkua-hh8by]

Please for the maxi maxi I think there is a mistake because from the table the number 14 from d1 is the best,15 from d2 is the best and 18 from d3 is the best and so when we compare everything the best of best is d3 which is the figure of 18 please

[@joshemman]

Note that these are costs -the smaller the better.

[@shudharsanmuthuraj1076]

dude!! you re awesome!!

[@rahmaruun5512]

Kindly do unit for Account for liability

[@odunayoakinfolajimi7522]

Please sir help me to solve this problem A1,A2,A3 are the acts and S1,S2,S3 are states of nature Also P (S1)=0.5,P(S2)=0.4 and P(S1)=0.1.calculate the expected value of perfect information.

[@YA-ll5tr]

Thank you!

[@aaradhya33]

well explained

[@mshemasusmithajosyula9507]

thank you

[@maryamalmater577]

Thanks a lot

[@TheKennethfilm]

thanks

[@AtsbhaTeklu]

BEST

[@azzaalshamsi6624]

You save me 😅 I have final exam 🤞🏼

[@azzaalshamsi6624]

The profit one is easy so, I try to find something that pay-off (cost)😍😍

[@saimarehman6842]

:) thank u

[@ethanguerami1162]

Hmmm... should I focus on minimum regrets? Heck no techno... wait... hmmm...

[@ayodhyawijayasinghe770]

👍♥️

[@axe636]

i love you

[@ingamapekula7824]

🌝

[@michaelwanzala8796]

Thank you