Opportunity loss is the difference between what the decision maker's payoff for an act is and what the payoff would have been had the best decision been made.

Question

Quizplus · Accepted Answer

Opportunity loss is often referred to as "regret" and is the difference between the best possible outcome and the actual outcome received. It is a measure of the cost of making a suboptimal decision.

Opportunity Loss Is the Difference Between What the Decision Maker's