A Decision Maker Who Uses the Maximin Criterion When Solving

question 62

Multiple Choice

A decision maker who uses the maximin criterion when solving a problem under conditions of uncertainty is:

• A)an optimist.
• B)a pessimist.
• C)an economist.
• D)an optometrist.
• E)making a serious mistake;maximin is not appropriate for conditions of uncertainty.

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Definitions:

Contingency Approach

The Contingency Approach refers to a management theory that suggests the best way to manage an organization depends on, and is contingent upon, the internal and external situation.

Managerial Activities

Tasks and responsibilities undertaken by managers to plan, organize, lead, and control the operations of an organization.

Networking

The practice of building, maintaining, and utilizing relationships, especially for professional or business purposes.

Absenteeism Rate

The frequency or rate at which employees are absent from work, typically expressed as a percentage of total working days.