maximin criterion

  

Definition

In decision theory, the pessimistic (conservative) decision making rule under conditions of uncertainty. It states that the decision maker should select the course of action whose worst (maximum) loss is better than the least (minimum) loss of all other courses of action possible in given circumstances. Also called maximin regret or minimax criterion.

Use maximin criterion in a sentence

Related Videos




http://www.businessdictionary.com/definition/maximin-criterion.html

Have a question about maximin criterion? Ask for help in the
Community
advertise here

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z