Circle All That Are True

Multiple Choice

Circle all that are true:

A) the MAXIMAX decision criterion leads to selecting the strategy that would maximize the outcome, assuming the best conditions will prevail.
B) the MAXIMIN decision criterion leads to selecting the strategy that would maximize the outcome, assuming the worst conditions prevail.
C) the MINIMAX decision criterion leads to selecting the strategy that would minimize the regret of not having selected the best strategy.
D) the MAXIMUM EXPECTED PAYOFF decision criterion leads to selecting the strategy that would maximize the outcome, assuming all conditions have equal likelihood.