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

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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• Decision Analysis 4 (T...

[@Ramonerdna]

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

[@stephenphan2761]

give me your lecture pls

[@mirceads]

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

[@Extreme-Sam]

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

[@MrBuckethead911]

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]

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

[@erowookuabor6206]

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

[@mustafaemirzval4938]

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

[@ronaldfarmer7205]

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[@ObamaWearsSupreme]

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!

[@caglasudealtun5772]

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]

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

[@melissachunn5392]

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[@seidabdela9000]

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

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

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[@TheKattdaddy101]

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

[@lavernenewton5449]

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

[@ChrisDoll44]

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

[@habtamubelete5794]

how we calculate alpha(0.3)?

[@XYYZI]

Thats my question as well.

[@wildlifeisthewealthofnatur5457]

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]

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 .

[@nickyd7843]

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

[@adlaideiria4201]

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

[@finess3]

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

[@tenzintsephel3556]

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

[@joshemman]

+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.

[@malvinroixorense2530]

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

[@innotrade_trading]

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

[@sundaystephanie7147]

Thank you so much…my struggle just ended😚

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[@lizturner989]

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

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

[@lcarter0524]

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

[@joshemman]

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

[@facelesspodcaster5594]

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

[@joshemman]

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

[@facelesspodcaster5594]

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

[@joshemman]

@@facelesspodcaster5594 Yes.

[@niso5051]

I am glad that I ve found you

[@dipesharora17]

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

[@dipesharora17]

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]

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

[@dipesharora17]

+Joshua Emmanuel Thanks very much sir.

[@SonPham-gh9rf]

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

[@karthikdhanya9835]

On what basis is the value of alpha chosen?

[@XYYZI]

My train of thought exactly.

[@stararunjohn8]

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

[@joshemman]

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

[@andeyinnjo4567]

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

[@joshemman]

Sure, go ahead Andey.

[@andeyinnjo4567]

@@joshemman Thank you sir😊

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

[@WUB2321]

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

[@bridgetobot2851]

extremely helpful till date! job well done

[@ChinnyD85]

THANK YOU BUT IS ALPHA (0.3) A CONSTANT?

[@joshemman]

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

[@deandraholland6592]

How do you calculate alpha?

[@loupast7587]

Is alpha a given? The 0.3?

[@anatolekaboyi5420]

You are the best Emmanuel

[@randyfisk348]

Thank you it was very helpful. May God Bless you

[@beatriceu.5071]

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

[@joshemman]

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

[@beatriceu.5071]

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

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awesome explanation ... more videos pls

[@vin1176]

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

[@menaka9799]

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

[@lisape6620]

thank you so much!! greetings from germany :)

[@joshemman]

+Lisa Pe You're welcome Lisa.

[@aartisundar433]

Very well explained. Thanks a lot .

[@wilandap.2606]

Thank you It is very helpful🤓😁

[@shakilhossain1565]

Thank you so much. It is very helpful.

[@shwethaheetun3339]

thanxs so much for such a clear explanation.

[@joshemman]

shwetha heetun You're welcome Shewtha.

[@pickinnt63]

Thanks for the information. it is very helpful

[@joshemman]

+Michael Johnson Glad it helps Michael.

[@pickinnt63]

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

[@heisen-burger]

helped a lot. thanks josh.

[@joshemman]

Glad it helped. Thanks!

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[@tks2003]

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[@harishkingar801]

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[@drallisimo34]

great explanation!!!

[@jerryking3537]

How we calculate alpha as 0.3 ??

[@joshemman]

It was given.

[@sirlico]

you make it easy. thank you

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This really helped! Thanks

[@QueenBridges420]

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[@joshemman]

You're welcome Vhusafheli Ratshilingano.

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very helpful

[@ouissalazeroual]

Thank you so much

[@ebrimaojobe3943]

What if it’s a minimisation

[@joshemman]

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

[@ebrimaojobe3943]

@@joshemman thanks Jos

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