This project deals with binary decision making, that is, the problem of deciding on “yes” or “no.” Part A. There is a group of n independent decision makers, each being “normal” with a decision error rate (probability) of 15%. The majority of all the individual decisions is taken as the group decision.
(a) Give formulas for computing the error rate of the group for n = 3 and n = 5, respectively.
(b) Write Matlab code for a computer simulation to determine approximately the error rate of the group for n = 3 and n = 5, respectively.
(c) Use the formulas in (a) and the computer simulation in (b), respectively, to determine the error rates of the group for n = 3 and for n = 5.
(d) Suppose a good decision maker has an error rate of 5%. Is the group better than a good decision maker for n = 3 or n = 5? Does it make sense?
