For a maximization problem, the conservative approach often is referred to as the __________ approach.
A)maximin
B)maximax
C)minimax
D)minimin

Question

Quizplus · Accepted Answer

The maximin approach is the conservative approach for a minimization problem, where the decision maker chooses the alternative that maximizes the minimum possible outcome. For a maximization problem, the conservative approach is to choose the alternative that maximizes the minimum possible loss, which is the maximin approach.

For a Maximization Problem, the Conservative Approach Often Is Referred