Question

Q.No:13
The following criterion is not
used in decision making under
uncertainty.
A) Laplace
B) EMV
( C) Maximax
D) Minimax​

Answer 1

Answer:

maximum...….............…...

Answer 2

EMV is not used in decision making under uncertainty (option b).

• The Maximin Criterion: often known as the pessimism criterion, is utilised when a decision-maker is pessimistic about the future. The term maximin refers to maximising the least payout. The pessimistic decision-maker seeks out the lowest potential payout for each option.
• The Maximin Criterion: often known as the pessimism criterion, is utilised when a decision-maker is pessimistic about the future. The term maximin refers to maximising the least payout. The pessimistic decision-maker seeks out the lowest potential payout for each option.
• The Laplace Criterion: argues that, in the lack of any knowledge about the probability of distinct states naturally occurring, one option is to assume that they are all equally likely to occur.
• EMV: The uncertainty of the result is always higher than the uncertainty of the individual components that make up the equation because EMV is computed as a product of Probability and Impact.