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Operations Research Decision Theory

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Model #1: Decision Making Under Uncertaity

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1. Which criterion is used when a decision maker chooses the alternative with the maximum possible payoff, assuming the best possible outcome occurs?
A) Maximin B) Hurwicz C) Maximax D) Minimax Regret
2. The Hurwicz criterion is a compromise between which two decision-making criteria?
A) Maximax and Minimax Regret B) Maximin and Laplace C) Maximax and Maximin D) Laplace and Minimax Regret
3. Which decision criterion selects the alternative that minimizes the maximum possible loss?
A) Maximax B) Hurwicz C) Minimax Regret D) Maximin
4. The Laplace criterion is based on which assumption?
A) The best outcome will always occur B) The worst outcome will always occur C) All outcomes are equally likely D) The decision maker is risk-neutral
5. Which criterion is used when a decision maker chooses the alternative that has the highest minimum payoff?
A) Maximin B) Laplace C) Hurwicz D) Minimax Regret