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

Congruence, Write a proff given angle MJL congruent with angle KJL

Write a proff given angle MJL congruent with angle KJL

Geometry, how do you do rotations

how do you do rotations

Solving decimal equations, The distance around a square photograph is 12.8 ...

The distance around a square photograph is 12.8 centimeters. What is the langth of each side of the fotograph?

Theorem to computer the integral, Use green's theorem to computer the integ...

Use green's theorem to computer the integral F . dr where F = ( y^2 + x, y^2 + y) and c is bounded below the curve y= - cos(x),, above by y = sin(x) to the left by x=0 and to the r

Working definition of limit - sequences and series, Working Definition of L...

Working Definition of Limit 1. We state that if we can create an as close to L like we want for all adequately large n.  Alternatively, the value of the a n 's approach

Math, a business is owned by three people.the first owns 1/12 of the busine...

a business is owned by three people.the first owns 1/12 of the business and the second owns 1/6 of the business. what fractional part of the business is owned by the third person

What do you mean by transient state, What do you mean by transient state an...

What do you mean by transient state and steady-state queueing systems If the characteristics of a queuing system are independent of time or equivalently if the behaviour of the

Set builder notation, For inequalities we contain a similar notation.  Base...

For inequalities we contain a similar notation.  Based on the complexity of the inequality the solution set might be a single number or it might be a range of numbers. If it is jus

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