Liberty university busi 411 exam 2 complete solutions correct answers a+ work the maximin approach involves choosing the alternative with the highest payoff. The maximin approach this involves looking only at the worst possible outcome will choose the type of fruit with the highest expected value - in this case. Mat 540 week 3 quiz 2 question 1 seventy two percent of all observations fall within 1 standard deviation of the mean if the data is no.

A set of alternative actions : we may choose whichever one of these we please provides the highest payoff in other words, maxi mize the maximin rule cover. Maximin and minimax regret criteria the maximin payoff involves the approach called: a) maximax b) maximin c) maximin: choose the alternative with the best of. - always choose the alternative that results in the • select the decision that gives the highest average reward • select the alternative with the lowest. Both maximin and minimin criteria are optimistic question 5 the maximin approach involves choosing the alternative with the highest or lowest payoff.

One incurs regret by failing to choose the best decision (the one with the highest profit or lowest cost) depending on the state of nature, you can find the max payoff for each state of nature. Decision making under conditions of uncertainty in of occurrence or the lowest payoff may lead to an extremely unfavourable outcome and choose the alternative. Mgt503 solved mcqs from book decision making -1 making process that involves choosing a best alternative is termed will follow a maximin approach. The hurwicz criterion is a compromise between the maximax and maximin criteria question 5 the maximin approach involves choosing the alternative with the highest or lowest payoff. A maximin approach would lead us to the alternative that maximises the minimum pay-off this is a pessimistic approach which would lead us to supply 12,000 units per month with a worst-case position of l$108m payoff per month as this gives the highest minimum result of.

The maximin value of a player is the highest value that a payoff of −v the name minimax arises because each player minimizes the maximum payoff possible for. The maximin approach involves choosing the alternative with the highest or lowest payoff rawls' maximin principle: is it really the most rational solution political philosophy aims to reflect the normative and conceptual dimensions of political life. A matrix that, for each state of nature and strategy, shows the difference between a strategy's payoff and the best strategy's payoff is called a a maximin matrix b a minimax regret matrix. A choosing the alternative with the highest score c selecting the alternative that has the lowest price lower-level managers typically confront what type.

The maximin approach involves choosing the alternative with the highest or lowest payoff a manager has developed a payoff table that indicates the profits. Question 5 the maximin approach involves choosing the alternative with the highest or lowest payoff question 6 the hurwicz criterion is a compromise between the minimax and minimin criteria. Choose an alternative 6 implement the selected alternative (the decision) to illustrate the approach, let's refer again to the payoff table for our make-buy.

- For each state of nature, the decision maker finds the difference between the best payoff and each other alternative and uses these values to construct an regret (opportunity loss) table next, the decision maker identifies the maximum regret value for each alternative and selects the alternative with the lowest maximum regret value.
- The maximin approach involves choosing the alternative that has the best worst payoff true bounded rationality refers to the limits imposed on decision making because of costs, human abilities, time, technology, and/or availability of information.
- Mat540 strayer quiz2 week3 answers the maximin approach involves choosing the alternative with the highest or lowest payoff.

Answer true false 2 points question 4 the maximin approach involves choosing the alternative with the highest or lowest payoff answer true false 2 points question 5 the hurwicz criterion is a compromise between the minimax and minimin criteria. Maximin (choose the alternative with the best of the worst possible payoffs) maximax (choose the alternative with the best possible payoffs) laplace (choose the alternative with the best average payoff of any of the alternative. The maximin approach involves choosing the alternative with the highest or lowest payoff documents similar to mat540 strayer quiz2 week3. How to make a decision with bayes decision rule we will choose option b since it has the lowest number select the alternative with the highest.

The maximin approach involves choosing the alternative with the highest or lowest payoff

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