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


By using the above illustration:



Max. profits row maxima

Product A


Product B


Product C



Ranking by using the MAXIMAX method = CBA


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

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