For a minimization problem,the optimistic approach is often referred to as the
A)minimax approach.
B)maximin approach.
C)maximax approach.
D)minimin approach.

Question

Quizplus · Accepted Answer

The minimization problem requires minimizing the objective function. The minimin approach is the optimistic approach, where the decision-maker assumes the best possible outcome for each decision alternative and then chooses the one with the lowest minimum outcome. This approach is suitable for situations where the decision-maker is risk-averse and wants to minimize the worst-case scenario. The other options, minimax, maximin, and maximax, are all pessimistic approaches and are used in maximization problems.

For a Minimization Problem,the Optimistic Approach Is Often Referred to as the