Using the ______ criterion you identify the worst payoff for each alternative and then choose the alternative that is the "best of the worst".
A)equally likely
B)Hurwicz
C)maximax
D)maximin

Question

Quizplus · Accepted Answer

The maximin criterion involves identifying the worst possible outcome for each decision alternative and then choosing the alternative with the best (or least bad) of these worst outcomes. This approach is particularly used under conditions of uncertainty and is aimed at ensuring the most favorable of the least favorable outcomes.

Using the ______ Criterion You Identify the Worst Payoff for Each