When the decision maker has very little or no reliable information on which to evaluate the different possible outcomes,he or she is most likely to use the _____ approach for decision making.
A) expected value
B) economic man
C) maximin
D) synectics
E) error-free

Question

Quizplus · Accepted Answer

The maximin approach is used when there is very little or no reliable information available, and the decision maker focuses on minimizing the maximum possible loss (i.e., focusing on the worst-case scenario). This approach is often used in situations of high uncertainty and risk, and can help the decision maker avoid potentially catastrophic outcomes. The other options may not be as applicable in situations where there is limited information available.

When the Decision Maker Has Very Little or No Reliable