General Studies · Decision Making
In decision-making under uncertainty, managers utilize specific choice criteria. Which of the following correctly matches the criterion with its description?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Maximin – choose the alternative that targets the highest possible maximum gain
- 2Minimax Regret – choose the alternative that minimizes the maximum opportunity loss or regret✓
- 3Maximin – choose the alternative that yields the worst possible overall outcome
- 4Maximax – choose the alternative that minimizes the maximum possible loss
Correct answer
Minimax Regret – choose the alternative that minimizes the maximum opportunity loss or regret
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