13 May Discussion 3: Find Linear Programming in Housing Decisions or General Decisioning
Discussion 3: Find Linear Programming in Housing Decisions or General Decisioning
Must post first.
Background
In this course, there are modular discussions, but only one topic present each module. Each module, you will post an initial well researched/ referenced initial post that addresses all of the issues in that module’s prompt. And, each module, you will post about two different peer’s posts. Each of your peer posts about your peer’s remarks it is clear what the peer was saying, you noticed something of substance that was positive in what they said, and that you asked a question or challenged your peer to explain/think more.
Instructions
Choose one of the discussion topics below.
Discussion Topic 1:
Buying a house is the single largest investment for most families, and it is usually financed with a 30-year mortgage. If you think about it, there are many uncertainties and different scenarios to consider. For instance, the mortgage itself could be at a fixed rate or a flexible rate. The economy could go up, or down or remain stable for the time you must repay the mortgage. The size of your home depends on the size of your family, and it is not entirely sure how many kids you will have. Job stability is not guaranteed and even a re-location may happen before anyone pays for their home, so the re-selling price is an important factor, but this is also unknown.
Using the tools learned in decision analysis, how would you
set up the problem for a home buyer
describe a solution under an optimistic approach
describe a solution under a conservative approach
describe a solution under a minimax regret approach
describe a solution under the expected value approach
Discussion Topic 2:
Assume that you are making a decision using a payoff matrix that has the decisions in the rows and the state variables in the columns. Using the concepts of this tool and the variety of advice that it produces which of the decision-making strategies (such as maximax vs minimax) do you find most appeal. Why or why not?
Your initial post should be roughly 150–200 words in length,. Cite sources you reference in-text and under a “References” section in APA format.
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