Web2 days ago · Business Operations Management An operations manager has compiled the information below for four manufacturing alternatives (A, B, C,and D) that vary by production technology and the capacity of the machinery. All choices enable the same level of total production and have the same lifetime. The three states of nature represent three levels …

Chapter 4

Webis that minimax is in decision theory, game theory, etc. a decision rule used for minimizing the maximum possible loss, or maximizing the minimum gain while maximax is a strategy or algorithm that seeks to maximize the maximum possible result (that is, that prefers the alternative with the chance of the best possible outcome, even if its expected … WebOct 22, 2024 · Maximax noun A strategy or algorithm that seeks to maximize the maximum possible result (that is, that prefers the alternative with the chance of the best possible outcome, even if its expected outcome and its worst possible outcome are worse than … sega mega drive collection ps4 release date

4 Examples of Maximax Criterion - Simplicable

WebMaximin and Minimax strategy Maximin criteria This criterion is the decision to take the course of action which maximizes the minimum possible pay-off. Since this decision criterion locates the alternative strategy that has the least possible loss, it is also known as a pessimistic decision criterion. The working method is: WebMaximin: Minimum profits are −50, −200 and 20 for strategies 1, 2 and 3 respectively. The maximum is 20. Decision: Follow Strategy 3. Game theory, minimax and maximin (here) give the same result (Strategy 3). 2. Do the same for Manager 2 with the pay-off table: Pay-off for Manager 2 Manager 2 Manager 1 Strategy S1 S2 S3 S1 -100 -200 50 Webstrike a balance between the maximax and maximin criteria. It suggests that the minimum and maximum of each strategy should be averaged using a and 1 - a as weights. a represents the index of pessimism and the alternative with the highest average selected. The index a reflects the decision maker’s attitude towards risk taking. sega mega drive classics nintendo switch