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.
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