Determining the Worst Payoff for Each Alternative and Choosing the Alternative

question 23

Multiple Choice

Determining the worst payoff for each alternative and choosing the alternative with the best of the worst payoffs is called a ________ criterion.

• A) maximin
• B) minimin
• C) maximax
• D) minimax

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Definitions:

Quality Assurance

The maintenance of a desired level of quality in a service or product, especially by means of attention to every stage of the process of delivery or production.

Paired Samples

Two related samples that are typically used in experiments where the members are matched or related in some way, often in before-and-after measurements.

Confidence Interval

A span of quantities, obtained from evaluating sample statistics, envisaged to enfold the value of an unascertained population characteristic.

Margin of Error

The range of values below and above a sample statistic in a survey that estimates the reliability or precision of the sample statistic as an approximation of the population parameter.