Determining the best payoff for each alternative and choosing the alternative with the "best of the best" is the approach called:
A)maximax
B)maximin
C)Laplace
D)minimax regret
E)expected monetary value

Question

Quizplus · Accepted Answer

The maximax approach involves identifying the maximum payoff for each alternative and then selecting the alternative with the highest of these maximum payoffs, essentially choosing the "best of the best."

Determining the Best Payoff for Each Alternative and Choosing the Alternative