Based on the attitude towards risk we evaluate our options with a different approach. The maximax approach we choose the alternative with the highest possible outcome. The maximin approach is where we choose the alternative with the least bad outcome. The Hurwicz approach chooses the alternative between maximax and maximin. The minimax regret chooses the alternative with the smallest difference between the best and worst. Another related approach is game theory. In game theory the future states of nature and their probabilities are replaced by the decisions of a competitor. In some cases, game theory leads to selecting a mixture of two or more strategies, alternated randomly with some specified …show more content…
This is in the field of artificial intelligence, a type of computer model that was built with the purpose of making the skills and knowledge of the experts in the field available to the new or average practitioner. This process was created by reviewing step by step with the experts the reasoning methods they use in a particular application and reducing these to an inference engine that, combined with a knowledge base of facts, rules, and a user interface, may be consulted by someone newer to the field who wants guidance. These easy to use interfaces have been made available due to the advances in technology.
Advances in technology have also enabled us to create integrated databases. In the past we were forced to collect data into files manually and often this same information would be collected multiple times into multiple files. The age of the computer allowed us to unite all of the redundant information into one shared database. This allows it to be updated in one act and the newly entered information is immediately made available for everyone in the network to