Which of the Following Is a Decision-Making Approach That Attempts

question 27

Multiple Choice

Which of the following is a decision-making approach that attempts to minimize the regret,or loss,associated with making a nonoptimal decision?

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

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Definitions:

Synchronic

An approach focusing on a phenomenon at a specific point in time, often used in linguistics and anthropology to study cultures or languages without considering historical changes.

Economic Determinism

A theory that economic forces shape societal structures, cultural values, and historical outcomes.

Scientific Method

A systematic approach to research where problems are identified, hypotheses are formulated, experiments are conducted, and conclusions are drawn.

Society

refers to a structured community of people bound together by cultural similarities, societal norms, or geographical proximity.