Maximin is a criterion used when making decisions under _____________.
A)Uncertainty
B)Certainty
C)Risk
D)Alternatives

Question

Quizplus · Accepted Answer

Maximin is a criterion used when making decisions under uncertainty. It involves selecting the option that has the highest minimum payoff or the least potential loss. This approach assumes that the worst-case scenario will occur, and the decision should be made based on this outcome. Therefore, the best choice(s) are the ones that maximize the minimum payoff or minimize the potential loss.

Maximin Is a Criterion Used When Making Decisions Under _____________