Decision making under risk is presented in the context of
decision analysis using different
decision criteria for public and private decisions based on
decision criteria, type, and quality of available information together with risk assessment.
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Elric: The Weird of the White Wolf In statistical inference, specifically predictive inference, a
prediction interval is an estimate of an interval in which a future observation will fall, with a certain probability, given what has already been observed.
Prediction intervals are often used in regression analysis..
Prediction intervals are used in both frequentist statistics and Bayesian statistics: a
prediction interval bears ... read Prediction And Optimal Decision ios The predictive accuracy of the model is computed from the testing set which provides an estimation of the generalization errors. In order to obtain reliable results regarding the predicting performance of a model, training and testing samples should be sufficiently large and independent while the labels of the testing sets should be known.
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optimal decision is a
decision that leads to at least as good a known or expected outcome as all other available
decision options. It is an important concept in
decision theory.In order to compare the different
decision outcomes, one commonly assigns a utility value to each of them. If there is uncertainty as to what the outcome will be, then under the von Neumann–Morgenstern axioms the ...
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