Question

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

Answer 1

The correct answer is c. maximax approach. In a minimization problem, the optimistic approach is to maximize the best possible outcome. This approach focuses on selecting the alternative that has the highest payoff in the best possible scenario.

Step-by-step explanation:

The correct answer is c. maximax approach.

In a minimization problem, the optimistic approach is to maximize the best possible outcome. The maximax approach focuses on selecting the alternative that has the highest payoff in the best possible scenario. This approach is suitable when the decision-maker is looking to maximize their gains and is optimistic about the outcomes.

For example, if a company wants to minimize production costs, the maximax approach would involve selecting the alternative that has the highest potential for cost reduction.