Why
are the maximin, maximax regret models appropriate for decision
making under conditions of high uncertainty but...
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Whyare the maximin, maximax regret models appropriate for decisionmaking under conditions of high uncertainty but NOT appropriatewhen some conditions and probabilities have a moderate level ofcertainty or predictability?
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Answer given data the maximin maximax regret models appropriate for decision making under conditions of high uncertainty but NOT appropriate when some conditions and probabilities have a moderate level of certainty or predictability Maximax Optimist The maximax takes a gander at as well as could be expected occur under each activity and after that picks the activity with the biggest esteem They expect that they will get the most conceivable and afterward they make the move with the most ideal situation The limit of the maximums or the most elite This is the lotto player they see substantial settlements and disregard the probabilities Maximin Pessimist The maximin individual takes a gander best case scenario that could occur under each activity and afterward pick the activity with the biggest result They accept that the most exceedingly terrible that can happen will and afterward they make the move with the best most dire outcome imaginable The limit of the essentials or the best of the most exceedingly bad This is the individual who puts their cash into a bank account since they could lose cash at the securities exchange Minimax Opportunist Minimax basic leadership depends on crafty
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