Question

for decision making with little uncertainty where manager can estimate the probability of the event the most widely used decision rule is

​

Answer 1

Answer:

Step-by-step explanation: Mathematical Expectation or expected value is the product of the probability for an event will occur and the amount to be received upon such an occurrence. The Concept of Probability • It is more often that we are compelled to predict the outcome of future events based on the repeated experiments of observation of the same events under the same condition. The probability of occurrence of the event(called success) and the probability of occurrence (called failure) is equal to 1 or 100%.

Answer 2

Answer:

The decision rule is maximin rule minimax regret rule.

Step-by-step explanation:

We need to determine most widely used decision rule for decision making with little uncertainty where manager can estimate the probability of the event.

The rule applied here can be maximin rule minimax regret rule.

The minimax regret approach is to minimize the worst-case regret.

The aim is to perform as closely as possible to the optimal course.

The maximin  payoff criteria seeks the largest of the maximum payoffs among the actions.

The maximin payoff criterion seeks the largest of the minimum payoffs among the actions.

The minimax regret criterion seeks the smallest of the maximum regrets among the actions.

#SPJ2