Which of the following is a decision-making approach that attempts to minimize the regret,or loss,associated with making a nonoptimal decision?
A)maximax criterion
B)Laplace criterion
C)maximin criterion
D)minimax regret criterion

Question

Quizplus · Accepted Answer

The minimax regret criterion attempts to minimize the potential regret or loss associated with making a nonoptimal decision. It is based on the assumption that decision makers are more sensitive to losses than to gains. This approach involves identifying the worst-case scenario for each alternative and choosing the alternative with the smallest maximum regret.

Which of the Following Is a Decision-Making Approach That Attempts