Depending on the weather and the amount of advertising, Kyle has developed six scenarios for his summer profits from his lawn care business. His business has failed to reach his expectations in the past, so he fears the worst.
Kyle will likely choose the option that ________.
A) maximizes the maximum possible payoff
B) maximizes the minimum possible payoff
C) minimizes the maximum regret
D) minimizes the minimum losses
Question 2
James has calculated the possible profits from three different scenarios for the expansion of his recreation park, each for a different amount of advertising and promotion.
He has chosen to implement the scenario that offers the greatest profit. James has decided to ________.
A) maximax
B) maximin
C) minimax
D) minimin
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