The maximin approach involves choosing the alternative with the highest payoff is called

Answer: False Approach or Pessimistic Approach

Explanation: This is because the maximin approach allows or involves maximizing the alternative with the minimum payoff that can be obtained when making a decision. Therefore this approach is used whenever a decision maker or business owner is looking to choose an outcome with a minimal loss guarantee, but this also means he will miss out on the outcome with a maximum profit guarantee.