The Decision Rule in Decision Making Under Uncertainty Most Appropriate

question 80

Multiple Choice

The decision rule in decision making under uncertainty most appropriate for the pessimistic manager would be:

• A)maximin.
• B)maximax.
• C)Laplace.
• D)minimax regret.

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Definitions:

Ethnicity

Ethnicity refers to the social group a person belongs to, and identifies with, often based on cultural, religious, or national characteristics.

Interval Data

A type of data where the order of the data points is significant and the distance between them is equal and meaningful; however, it does not have a true zero point.

Nominal Data

Data classified into categories that cannot be ordered or ranked in a meaningful way, such as gender, race, or color.

Ratio

A numerical relationship between two quantities showing how many times one value contains or is contained by the other.