In the Maximin Strategy,a Manager Choosing Between Two Options Will

question 44

Multiple Choice

In the maximin strategy,a manager choosing between two options will choose the option that:

• A)has the highest expected profit
• B)provides the best of the worst possible outcomes
• C)minimizes the maximum loss
• D)both a and b
• E)both b and c

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Definitions:

Reduce Costs

Implementing strategies and measures to decrease expenses and improve efficiency in operations.

Pollution-Sensing Devices

Technology used to detect and measure the level of pollutants in the environment.

Decision Tree

A graphical representation used in decision analysis to visually and explicitly represent decisions and decision making.

Expected Value

A calculated average of all possible values for a random variable, weighted by their probabilities of occurrence.