In using the minimax regret criterion,we must first construct a regret table.

Name: In using the minimax regret criterion,we must first construct a regret table.
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To use the minimax regret criterion, we must construct a regret table that lists the regrets (or opportunity losses) associated with each decision and each state of nature. The regret table helps us identify the maximum regret for each decision and choose the one with the minimum maximum regret.

In Using the Minimax Regret Criterion,we Must First Construct a Regret