In Decision-Making Under Uncertainty, the Approach That Considers Only the Best

question 90

Multiple Choice

In decision-making under uncertainty, the approach that considers only the best and the worst payoffs for each decision alternative is the __________.

• A)maximin criterion
• B)maximax criterion
• C)Hurwicz criterion
• D)minimax regret strategy
• E)maximin regret strategy

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Definitions:

Decade

A period of ten years.

Economic Growth

An increase in a country's output of goods and services, measured by changes in its GDP, indicating improvements in living standards and economic health.

Form Of Government

The system by which a community, state, or nation is governed, characterized by its structure, functions, and the distribution of power among its various components.

Resources Expended

The amount of materials, labor, and capital used in the production of goods or services.