The term opportunity loss is most closely related to
A) maximin regret.
B) maximax regret.
C) minimax regret.
D) minimin regret.

Question

Quizplus · Accepted Answer

Opportunity loss is the difference between the expected payoff of the best decision and the expected payoff of the actual decision made. This is most closely related to minimax regret, where the decision maker seeks to minimize the maximum regret they could experience from any decision.

The Term Opportunity Loss Is Most Closely Related to