Determining the Worst Payoff for Each Alternative and Choosing the Alternative

question 12

Multiple Choice

Determining the worst payoff for each alternative and choosing the alternative with the "best of the worst" is the approach called:

• A)maximax
• B)maximin
• C)Laplace
• D)minimax regret
• E)expected monetary value

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Definitions:

Inclusive Range

A statistical measure describing the spread of a set of data points or values, including both the highest and lowest values.

Research Articles

Scholarly papers that present original findings or insights into specific areas of inquiry.

Deviations

Differences between observed values and some reference value, often the mean of the dataset, indicating the spread of the data.

Mean Squared

A statistical measure of the average of the squares of the errors or deviations, that is, the difference between the estimator and what is estimated.