Maximin Notes: Definitions & Explanations PDF | Download eBooks
Study Maximin lecture notes PDF with supply chain management definitions and explanation to study What is Maximin?. Study maximin explanation with SCM terms to review supply chain management course for online MBA programs.
Maximin Definition:
A criterion that finds an alternative that maximizes the minimum outcome.
Operations Management: Sustainability and Supply Chain Management by Jay Heizer, Barry Render, Chuck Munson
Maximin Notes:
The maximin standard includes choosing the elective that boosts the base result reachable. The speculator would take a gander even under the least favorable conditions conceivable result at each supply level, at that point chooses the most noteworthy one of these. The leader along these lines picks the result which is ensured to boost his misfortunes. All the while, he misses out on the chance of making huge benefits. A maximin procedure is a methodology in game hypothesis where a player settles on a choice that yields the 'best of the most noticeably awful' result. All choices will have expenses and benefits, and a maximin procedure is one that searches out the choice that yields the littlest misfortune.
Keep Learning with Supply Chain Management Notes
What is Bill of material (BOM)?
Businesses use this to list down the complete items that are required for the manufacturing of any product. It includes ...
What is Poka-yoke?
This term refers to the mistake proofing and it is a Japanese term that helps in the process to avoid ...
What is Functional Strategy?
Tasks and Supply Chain Management incorporates a wide region that spreads both assembling and administration ventures, including the elements of ...
What is Social Responsibility?
Social duty is a moral system and proposes that an element, be it an association or individual, has a commitment ...
What is Multiphase System?
A multiphase stream framework is one described by the concurrent nearness of a few stages, the two-stage framework being the ...
What is Five Forces Model?
This model describes by the porter and in this he tells the five different factors for the organization that decides ...
