Maximax method-decision making under uncertainty, Mathematics

Assignment Help:

MAXIMAX method

Maximax method is based upon 'extreme optimism' the decision maker chooses that particular strategy which corresponds to the maximum of the maximum pay off for every strategy

Illustration

By using the above illustration:

 

 

Max. profits row maxima

Product A

+8

Product B

+12

Product C

+16

 

Ranking by using the MAXIMAX method = CBA

 


Related Discussions:- Maximax method-decision making under uncertainty

Hcf and lcm, The HCF & LCM of two expressions are respectively (x+3) and (x...

The HCF & LCM of two expressions are respectively (x+3) and (x cube-7x+6). If one is x square+2x-3 , other is? Solution) (x+3) * (x^3-7x+6) = (x^2+2x-3) * y      ( ) (HCF*LCM=

Find a formula for its frequency of oscillation, The frequency of oscillati...

The frequency of oscillation of an object suspended on a spring depends on the stiffness k of the spring (called the spring constant) and the mass m of the object. If the spring is

I Need Help, If 3200 sweets cost 30 US Dollars how much will 13,500 sweets ...

If 3200 sweets cost 30 US Dollars how much will 13,500 sweets cost ?

Square and square root., the value of square root of 200multiplied by squar...

the value of square root of 200multiplied by square root of 5=

Illustration of rank correlation coefficient, Illustration of Rank Correlat...

Illustration of Rank Correlation Coefficient In a beauty competition two assessors were asked to rank the 10 contestants by using the professional assessment skills. The resul

Pre-calculas, find the polar coordinates of each point with the given recta...

find the polar coordinates of each point with the given rectangular coordinates. (-(squareroot(3)),3

Triangle treat, what letters to fill in the boxes

what letters to fill in the boxes

Volumes of solids of revolution - method of rings, Volumes of Solids of Rev...

Volumes of Solids of Revolution / Method of Rings In this section we will begin looking at the volume of solid of revolution. We have to first describe just what a solid of rev

Permutations and combinations, number of ways that a mixed doubles tennis g...

number of ways that a mixed doubles tennis game can be arranged from 7 couples if no husband and wife play in the same game is??

Order of Operations with Fractions, 1.)3 3/8 divided by 4 7/8 plus 3 2.)4 ...

1.)3 3/8 divided by 4 7/8 plus 3 2.)4 1/2 minus 3/4 divided by 2 3/8

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd