The Maximin Approach to Decision Making Refers To

question 177

Multiple Choice

The maximin approach to decision making refers to:

• A)minimizing the maximum return.
• B)maximizing the minimum return.
• C)maximizing the minimum expected value.
• D)choosing the alternative with the highest payoff.
• E)choosing the alternative with the minimum payoff.

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Definitions:

Potential Purchaser

An individual or entity showing interest in buying a product or service, but who has not yet made a purchase decision.

Adverse Possession

An involuntary property transfer in which a person acquires ownership of property by treating a piece of real property as his or her own, without protest or permission from the owner.

Real Property

Land and anything permanently attached to it, such as buildings and trees, as opposed to personal property, which can be moved.

Ownership

The state or fact of exclusive rights and control over property, which can be an object, land/real state, intellectual property, or something else.