Question

The four decision making methods, hurwicz value, equally lilelihood, maximum expected payoff, minimum expected opportunity loss, - have something in common in the sense that-------

a. They all "maximize" something

b. they all use "regret" as criterion to select an alternative.

c. they all use "total" (payoff or opportunity loss) as the criterion to select the best alternative

d. they all us "average" (payoff or opportunity loss) as the criterion to select the best alternative

e. they are all for conservative or risk-averting decision makers.

which of the above is correct?

Answer 1