The Maximax Approach to Decision Making Involves Selecting the Alternative

question 48

True/False

The maximax approach to decision making involves selecting the alternative whose best possible outcome is the best of all possible outcomes for all alternatives.

---

Definitions:

Distributor

A person or company that is responsible for supplying goods to retailers or directly to customers.

Manufacturer

A person or company that makes goods for sale, especially on a large scale.

Output Contracts

Agreements in which a seller agrees to sell all the output of a certain product to a particular buyer.

Requirements Contracts

Contracts where one party agrees to purchase all of its needs for a particular commodity from the other party for a certain period.