With some modification, the decision rules for one-time decisions without event probabilities can be applied to situations where the payoff is cost.

Question

Quizplus · Accepted Answer

The decision rules for one-time decisions without event probabilities (such as maximizing expected value or considering best and worst-case scenarios) can be applied to situations where the payoff is a cost, by simply flipping the sign of the values (i.e. minimizing expected cost or considering the worst and best-case scenarios in terms of cost).

With Some Modification, the Decision Rules for One-Time Decisions Without