Maximax method-decision making under uncertainty, Mathematics

Assignment Help:

MAXIMAX method

Maximax method is based upon 'extreme optimism' the decision maker chooses that particular strategy which corresponds to the maximum of the maximum pay off for every strategy

Illustration

By using the above illustration:

	Max. profits row maxima
Product A	+8
Product B	+12
Product C	+16

Ranking by using the MAXIMAX method = CBA

Related Discussions:- Maximax method-decision making under uncertainty

Analysis, Ask question #Minimum 1Let X be a topological space, let p ? X, a...

Ask question #Minimum 1Let X be a topological space, let p ? X, and let F and ? be C-valued functions on X that are continuous at p. Then the functions F + ?, F?, |F|, ReF and ImF

Solution of triangles, In triangle ABC, if sinA/csinB+sinB/c+sinC/b=c/ab+b...

In triangle ABC, if sinA/csinB+sinB/c+sinC/b=c/ab+b/ac+a/bc then find the value of angle A.

Sciencetific notations, how would you answer a question like this on here ...

how would you answer a question like this on here (8x10^5)

Correlation coefficient, Correlation coefficient - These are numerical...

Correlation coefficient - These are numerical measures of the correlations existing between the independent and the dependent variables - These are better measures of corre

Problem solving involving quadratic equations, a painting is 20 cm wider th...

a painting is 20 cm wider than its height. its area is 2400 centimeter squared. find its lenght and width

Arithmetico-geometric series, 1+2x

1+2x

Example of integrals involving trig functions, Example of Integrals Involvi...

Example of Integrals Involving Trig Functions Example: Estimate the following integral. ∫ sin 5 x dx Solution This integral no longer contains the cosine in it that

Draw a graph model with the adjacency matrix, QUESTION (a) Draw a graph...

QUESTION (a) Draw a graph model with the following adjacency matrix. (b) The diagram below shows different cities labelled a to g and z. Also sh

Complex eigenvalues, It is the last case that we need to take a look at. Th...

It is the last case that we need to take a look at. Throughout this section we will look at solutions to the system, x?' = A x? Here the eigenvalues of the matrix A are compl

Rhjuu, Ask questutfjion #Minimum 100 words accepted#

Ask questutfjion #Minimum 100 words accepted#

Write Your Message!

Name

Email id

Message

Verfication Code

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

User Account

All Pages