Question

The decision makers knowledge and experience may influence the decision making process when using the criterion of,
a) realism
b) maximin
c) maximax
d) minimax regret

Answer 1

B) is correct option........

Answer 2

The correct option is a) realism.

The decision-makers knowledge and experience may influence the decision-making process when using the criterion of  a) realism.

• Realism is a state in which the condition of the events is put into real-life situations.
• The rules of decision-making in the subject operations research include realism as a part of it.
• In realism, the idea of the decision-maker has a crucial influence on the decision-making process.
• The knowledge and expertise of the decision-maker in the field of work are imperative for achieving the task at hand.
• Therefore, the correct option will be a)realism.