Discuss making a decision using Baye's decision rule (probabilities) for "the maxi-max approach", "the maximum approach", the "maximum likelihood approach" and how it can be used/applied to your personal life and also in professional situations. Please discuss the strengths and weaknesses of the various approaches.

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Maxi Max Approach Maxi Max means best of the best a decision makes consider the best possible outcome for each course of action and chooses the course ... View the full answer