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

Question

Quizplus · Accepted Answer

The maximin approach involves determining the worst possible outcome for each alternative and then choosing the option with the least bad ("best worst") outcome. This strategy is cautious and focuses on minimizing the potential for loss.

Determining the Worst Payoff for Each Alternative and Choosing the Alternative