The goal of the ________ criterion is to minimize the decision maker's regret of making a wrong choice.
A)Hurwicz
B)minimax regret
C)maximax
D)equally likely

Question

Quizplus · Accepted Answer

The minimax regret criterion aims to minimize the potential regret a decision-maker might feel for not making the optimal choice, by considering the worst-case regret for each decision and choosing the one with the least regret.

The Goal of the ________ Criterion Is to Minimize the Decision