The Decision Rule in Decision Making Under Uncertainty That Would

question 50

Multiple Choice

The decision rule in decision making under uncertainty that would be best for the manager who has high expectations would be:

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

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Definitions:

Reckless Disregard

Reckless disregard denotes a conscious indifference to the rights or safety of others or a known risk, acting without concern for the likely consequences.

Fraudulent Misrepresentation

A false statement made knowingly, without believing in its truth, or recklessly, with the intention to deceive and induce another party to enter into a contract.

Liable

Liable means being legally responsible for something, typically involving financial compensation or another form of restitution.

Reliance

The act of relying or depending on something, often related to a belief or action based on certain expectations or promises.