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Optimization Under Uncertainty
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Flashcards
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Minimax Strategy
Choose the decision that minimizes the maximum possible loss.
Maximax Strategy
Choose the decision that maximizes the maximum possible gain.
Expected Value Criterion
Select the decision with the highest expected value.
Expected Utility Theory
Make decisions to maximize expected utility, rather than expected monetary value.
Robust Optimization
Optimize for the best performance under the worst-case distribution of uncertain parameters.
Real Options Approach
Value flexibility to make future decisions that adapt to unfolding events.
Stochastic Optimization
Incorporate randomness by using probability distributions to model uncertainties in the optimization problem.
Adaptive Optimization
Update the decision-making model as new information becomes available.
Scenario Planning
Use diverse scenarios to explore how different future states could affect outcomes.
Info-gap Decision Theory
Model and manage severe uncertainty that cannot be probabilistically quantified.
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