By Definition, the Maximax and Maximin Criteria Cannot Result in the Selection

question 53

True/False

By definition, the maximax and maximin criteria cannot result in the selection of a common alternative in decision making under uncertainty.

---

Definitions:

Standard Deviation

An indicator used to determine the extent of fluctuation or scatter among data points in a collection.

Central Limit Theorem

A statistical theory that states that given a sufficiently large sample size from a population with a finite level of variance, the mean of all samples from the same population will be approximately equal to the mean of the population.

Sampling Distribution

The distribution of a statistic (like the mean) that would result from taking a large number of samples from a population.

Sample Size

The number of observations or data points in a sample used to estimate characteristics of a population.