The approach to be taken for decision making process. Introduction: Decision making Criteria There are three decision making criteria under uncertainty 1. Maximax : Maximax is criteria that evaluates alternative that maximize the maximum outcome. 2. Maximin : It is a criteria that evaluate alternative that maximize minimum outcome. 3. Equally likely : It is a criteria where equal probabilities is available in each of the state of nature.

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Chapter A, Problem 6P

Summary Introduction

To determine: The approach to be taken for decision making process.

Introduction: Decision making Criteria

There are three decision making criteria under uncertainty

1. Maximax: Maximax is criteria that evaluates alternative that maximize the maximum outcome.

2. Maximin: It is a criteria that evaluate alternative that maximize minimum outcome.

3. Equally likely: It is a criteria where equal probabilities is available in each of the state of nature.

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