Suppose that a 2x2 game has no saddle point. Suppose the game has the following pay-off matrix.....
When each one of the first player A and the second player B has exactly two strategies, we have a 2 x 2 game.....
Solve the game with the following pay-off matrix.....
For building any model, certain reasonable assumptions are quite necessary. ....
A game with only two players, say player A and player B, is called a two-person zero sum game if the gain of the player A is equal to the loss of the ....
There are several classifications of a game. The classification may be based on various factors such as the number of participants, the gain or loss t....
Several of the key concepts used in the theory of games are described below: ....
The techniques of game theory can be effectively applied to various managerial problems as detailed below:....
Game theory helps in finding out the best course of action for a firm in view of the anticipated countermoves from the competing organizations. ....
There are several definitions of game theory. A few standard definitions are presented below.....
Game theory seeks to analyse competing situations which arise out of conflicts of interest.....
A project has activities with the following normal and crash times and cost: ....
The process of shortening the time to complete a project is called crashing and is usually achieved by putting into service additional labour or machi....
The following details are available regarding a project:....
Take the Earliest Expected Time of Occurrence of the Start Event as ....
The allowable time gap for the occurrence of an event is known as the slack of that event. It is given by the formula....
We can consider (i) Earliest Start Time of an activity and (ii) Earliest Finish Time of an activity.....
Area Under Standard Normal Distribution....