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

Apply depth-first-search to find out the spanning tree, Apply depth-first-s...

Apply depth-first-search to find out the spanning tree for the subsequent graph with vertex d as the starting vertex.        Ans: Let us begin with node'd'. Mark d as vi

Fractions, what is greater than three forths

what is greater than three forths

Geometric , a part of a line with two end points.

a part of a line with two end points.

Pair of straight lines, how to solve the problems? methods to solve the que...

how to solve the problems? methods to solve the question of joint lines

Share and dividend, #a invests Rs 15000IN COMPANY PAYING 10%WHEN Rs100 SHAR...

#a invests Rs 15000IN COMPANY PAYING 10%WHEN Rs100 SHARE IS SOLD AT A PREMIUM OF Rs 20 after a yearASOLD SHARES AT Rs80 EACHAND INVESTEDPROCEEDS IN Rs75SHARES SELLING AT Rs 100 WZI

Produce list containing m-vectors delta and lambda, The logarithm of the Po...

The logarithm of the Poisson mixture likelihood (3.10) can be calculated with the following R code: sum(log(outer(x,lambda,dpois) %*% delta)), where delta and lambda are m-ve

Grouping-categories of situations requiring division , Grouping - situatio...

Grouping - situations in which we need to find the number of portions of a given size which can be obtained from a given quantity. (e.g., if there are 50 children in a class and t

Integration, It is known that a radioactive material decays at a rate propo...

It is known that a radioactive material decays at a rate proportional to the amount present.If after a period of 12 years,a 2g piece of radium weighs 1.99g.How long will it be befo

Classify linear or nonlinear, Question: Classify the following differen...

Question: Classify the following differential equations as linear/nonlinear. Also, what is the order of the following differential equations? Xy'-2y =x Xy'' -2y' =xsin(y)

Time series models, Time Series Models Additive Model Time seri...

Time Series Models Additive Model Time series value = T +S +C +R Whereas S, C and R are expressed in absolute value Additive Model model is best suited where the

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