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

Question

Quizplus · Accepted Answer

The maximin approach involves determining the worst possible outcome for each alternative and then choosing the alternative with the best (least bad) of these worst outcomes. This strategy is particularly used in decision-making under uncertainty, focusing on minimizing the potential losses.

Determining the Worst Payoff for Each Alternative and Choosing the Alternative