Determining the Average Payoff for Each Alternative and Choosing the One

question 49

Multiple Choice

Determining the average payoff for each alternative and choosing the one with the best payoff is the approach called:

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

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Definitions:

Information

Data that has been processed, organized, or structured in a way that provides value or meaning to the recipient.

Units of Measurement

Standardized quantities used to quantify and describe physical properties of objects or events, such as length, mass, or time.

Quantitative

Relates to, measuring, or measured by the quantity of something rather than its quality, usually referring to data or information that can be quantified.

Numeric Values

Quantitative data represented in number form, which can be used in calculations and statistical analyses.