Which of the Following Is a Decision-Making Approach Used When

question 22

Multiple Choice

Which of the following is a decision-making approach used when the decision maker is optimistic about the future events and their outcomes,identifies the maximum payoff associated with each decision,and chooses the maximum of the maximum payoffs?

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

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Definitions:

Piaget

A Swiss developmental psychologist and philosopher known for his pioneering work in child development, particularly his theory of cognitive development that describes how children's minds evolve through stages.

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