Identify and describe three methods used for decision making under conditions of uncertainty
What will be an ideal response?
1. Maximax is a criterion that finds an alternative that maximizes the maximum outcome.
2. Maximin is a criterion that finds an alternative that maximizes the minimum outcome.
3 . Equally likely is a criterion that assigns equal likelihood to each state of nature.
Business
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Which of the following is most likely a fixed cost?
A) sales representative commissions B) product distribution costs C) manufacturing input costs D) temporary worker salaries E) facility rental payments
Business
Basic etiquette to keep in mind while at work includes:
A) Putting others first B) Not dominating a conversation C) Knocking before entering an office D) All of the above
Business