The preferred criterion in decision making is.
A) maximin
B) maximax
C) EMV
D) none of these choices

Question

Quizplus · Accepted Answer

EMV (Expected Monetary Value) is the preferred criterion in decision making as it provides a weighted average of all possible outcomes, taking into account the probability of each outcome. This allows for a more informed decision, as it considers both the potential gain and the potential risk involved in each option. Maximin and maximax do not take into account probabilities and are therefore less informative.

The Preferred Criterion in Decision Making Is