Maximax method-decision making under uncertainty, Mathematics

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

 

Posted Date: 2/19/2013 2:43:56 AM | Location : United States







Related Discussions:- Maximax method-decision making under uncertainty, Assignment Help, Ask Question on Maximax method-decision making under uncertainty, Get Answer, Expert's Help, Maximax method-decision making under uncertainty Discussions

Write discussion on Maximax method-decision making under uncertainty
Your posts are moderated
Related Questions
Two cars begin 500 miles apart.  Car A is into the west of Car B and begin driving to the east (that means towards Car B) at 35 mph & at the similar time Car B begin driving south

Diffrent type of rectillinar figure..

High Self-esteem Helps Learning :  Consider Ajay, a student of Class 2. He is constantly told by his irritated father, "How stupid you are! You don't even understand this! Even yo

Find out all the critical points for the function. Solution Following is the derivative for this function. Now, this looks unpleasant, though along with a little fa

Rajun uses 2/3 of a carton of milk to make a pancake. The volume of milk he uses is 800ml. calculate the volume, in l, of a milk in carton?

The time has at last come to describe "nice enough". We've been using this term during the last few sections to explain those solutions which could be used to form a general soluti

Determine the centralizer and the order of the conjugacy: 1)      Determine the centralizer and the order of the conjugacy class of the matrix [1, 1; 0, 1] in Gl­ 2 (F 3 ).

If the sides angles of a triangle ABC vary in such a way that it''s circum - radius remain constant. Prove that, da/cos A +db/cos B+dc/cos C=0

We desire to construct a box whose base length is three times the base width. The material utilized to build the top & bottom cost $10/ft 2 and the material utilized to build the

Suppose you start saving today for a $55,000 down payment that you plan to make on a house in 7 years,  assume that you make no deposits into the account after the initial deposit,