June 2006
Beginner
793 pages
20h 59m
English
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METHODS USED FOR DECISION-MAKING WITH UNCERTAINTY
The methods used for decision-making with uncertainty are described below:
- Maximax decision criterion: The maximax criterion is a criterion of super optimism. It is based upon the idea that we do get some favourable or lucky breaks. Since nature can be good to us, the decision maker should select that state of nature which will yield him the highest payoff for the selected strategy. Thus, the maximax criterion attempts to maximise the maximum gain i.e. maximax chooses the act that is the best of the best. The steps involved in the criterion are as under:
Step 1→ Prepare Pay off Table Note: Pay Off Table lists the effectiveness associated with a particular combination of a course of action ...
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