According to the text, a manager who desires to minimise his or her maximim 'regret' will opt for a ________ choice.
A)maximax
B)maximin
C)minimax
D)minimin
E)miximix

Question

Quizplus · Accepted Answer

Minimax strategy is used when a manager wants to minimize the maximum regret. In this strategy, the manager selects the alternative which has the least worst outcome, considering the worst-case scenario. It focuses on avoiding the worst possible decision outcome. Hence, the minimax strategy is the best choice for a manager looking to minimize their maximum regret.

According to the Text, a Manager Who Desires to Minimise