Which of the Following Is a Decision-Making Approach a Person

question 60

Multiple Choice

Which of the following is a decision-making approach a person uses when the negative impact of making the wrong decision is so high that he or she chooses that alternative that guarantees at least the minimum payoff?

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

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Definitions:

Alternative Hypotheses

A statement in statistical analysis that proposes a difference or effect, in contrast to the null hypothesis which suggests no effect or relationship.

Error Mean Square

A measure used in statistics to quantify the average of squares of errors or deviations.

Sums of Squared Deviations

The total of the squared differences between each observation in a data set and the mean of that data set, used in various statistical methods to measure variability.

Sample Mean

The average value calculated from a subset (sample) of a population.