The Maximin Criterion Refers To

question 35

Multiple Choice

The maximin criterion refers to:

• A)minimizing the maximum return
• B)maximizing the minimum return
• C)choosing the alternative with the highest payoff
• D)choosing the alternative with the minimum payoff
• E)None of the above

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Definitions:

Hypotheses

Proposed explanations made on the basis of limited evidence as a starting point for further investigation, often framed as predictions to be tested by scientific experiments.

Margin of Error

An indicator of the precision of an estimate, representing the maximum likely difference between the observed sample statistic and the true value of the population parameter.

Confidence Level

The probability, expressed as a percentage, that the result of a statistical test will fall within the specified confidence interval.

Plus Four Estimate

A technique used in calculating confidence intervals for proportions where four is added to the number of successes and failures each before calculating the proportion.