Come up with a decision using MINIMAX REGRET CRITERION under conditions of uncertainty using the table below. The payoff values are expressed as LOSSES. Which decision alternative has the minimum payoff value of the maximum regret? Choices: -> A,B,C -> C,D,E -> E,F,G -> B,F,G -> C,G,F

Come up with a decision using MINIMAX REGRET CRITERION under conditions of uncertainty using the table below. The payoff values are expressed as LOSSES. Which decision alternative has the minimum payoff value of the maximum regret? Choices: -> A,B,C -> C,D,E -> E,F,G -> B,F,G -> C,G,F

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter9: Decision Making Under Uncertainty

Section9.2: Elements Of Decision Analysis

Problem 3P

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