The Maximax Criterion of Decision Making Requires That All Decision

question 84

True/False

The maximax criterion of decision making requires that all decision alternatives have an equal probability of occurrence.

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Definitions:

Random Variable

A variable whose values depend on outcomes of a random phenomenon, with each outcome associated with a different value or set of values.

Occurrences

The instances or times that something happens or arises; the frequency of events.

Expected Value

The anticipated value or mean outcome of a variable, calculated as the sum of all possible values each multiplied by its probability of occurrence.

Sample Information

Data collected from a subset of a larger group or population to infer or analyze characteristics of the whole group.