The goal of the minimax regret criterion is to minimize the decision maker's regret of making a wrong choice.
Indicate whether the statement is true or false
Q. 2The level of risk associated with the equally likely criterion lies somewhere between the risks associated with the maximax and maximin approaches.
Indicate whether the statement is true or false
Q. 3Using the equally likely criterion you choose the alternative with the highest in the decision table.
Indicate whether the statement is true or false
Q. 4The maximax criterion is described as the least pessimistic method and the one with the lowest level of risk.
Indicate whether the statement is true or false
Q. 5The Dean of the Business School at City University would like to test the hypothesis that a difference exists between the median final exam grades for the Introduction to Marketing course and the Introduction to Finance course.
A random sample of eight students who took both courses was selected and their final exam grade for each course is shown below.Student 1 2 3 4 5 6 7 8 9Marketing 83 86 74 93 90 76 87 100 94Finance 76 91 70 78 96 70 85 81 80The appropriate nonparametric procedure for this analysis is the _________________ test.A) Wilcoxon signed-rank
B) Kruskal-Wallis
C) Wilcoxon rank-sum
D) sign
Q. 6Using the maximin criterion you identify the best payoff for each alternative and then choose the alternative that is the worst of the best.
Indicate whether the statement is true or false
Q. 7The maximax criterion is the most optimistic method as well as the one with the highest level of risk.
Indicate whether the statement is true or false
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