Category of decision rule contain maximax decision rule

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Reference no: EM1320888

Q1) Which of the given is a goal of decision analysis?

a) Help individuals make good decisions.

b) Ensure decisions lead to good outcomes.

c) Avoiding decisions leading to bad outcomes.

d) Reduce the role of luck in a decision.

Q2) An __________ is course of action intended to solve problem.

a) decision

b) criteria

c) state of nature

d) alternative

Q3) Decision rule that finds out the minimum payoff for each alternative and then chooses alternative connected with largest minimum payoff is:

a) maximax decision rule.

b) maximin decision rule.

c) minimax regret decision rule.

d) minimin decision rule.

Q4) Category of decision rule which contains maximax decision rule is:

a) optimistic category.

b) non-probabilistic category.

c) probabilistic category.

d) optimality category.

Reference no: EM1320888

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