Answer to Question #162915 in Operations Research for Sunny

Question

Which of the following is false with regard to the maximin criterion of decision making?

a. it is assumed hat the decision maker is pessimistic

b. it is assumed that whatever strategy is selected nature will respond in such a way as to produce the least possible again.

c. it is used to make decisions under conditions of uncertainty

d. it is used to make decisions under conditions of risk

e. it is used when probabilities of the various states of nature are not known.

Answer 1

False: b, c, d, e