The maximin decision rule determines the best decision alternative by: Multiple Choice choosing the alternative with...
The maximin decision rule determines the best decision alternative by:
Multiple Choice
-
choosing the alternative with the highest payoff.
-
maximizing the minimum return.
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choosing the alternative with the minimum payoff.
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maximizing the minimum expected value.
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minimizing the maximum return.
Homework Answers
a)choosing the alternative with the highest payoff.
The Maximax decision rule determines the best (maximum) payoff
in each row (alternative) of the payoff table and then selects the
alternative with the largest payoff.
Higher Reward but also Higher Risk because you could lose money in
this case.
Hence, it is the optimistic approach
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please reply fast for a thumbs up??
What is the best decision alternative using the MaxiMin criterion? State of nature Decision Alternative Poor Average Good Decision Alternative 1 17 12 28 Decision Alternative 2 15 10 18 Decision Alternative 3 16 11 13 Decision Alternative 4 18 11 22 1) Decision Alternative 1 2) Decision Alternative 2 3) Decision Alternative 3 4) Decision Alternative 4 Question 17 (1 point) A restaurant prepares 190 sandwiches and sells them at a rate...
a budget is best described as:
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) A budget is best described as: A) A formal statement of a company's future plans usually expressed in monetary terms. B) The most crucial component of a company's evaluation process. C) The minimum acceptable performance level. D) An informal statement of company's future plans usually expressed in monetary terms. E) A master control device.
What is the decision rule when using the p-value approach to hypothesis testing? Multiple Choice Do not reject H0 if the pvalue < 1-α. Reject Ho if the p-value > a Do not reject H0 if the p-value > 1-α Reject Ho if the p-value < α.
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