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







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