This regret matrix gives values for strategies S1, S2, and S3 for the Bigg Company and competitive strategies CA1, CA2, and CA3 for the Large Company.A minimax Bigg manager would choose S2 because it has the smallest maximum regret of 1.
CA1 CA2 CA3
S1 5 5 3
S2 9 6 1
S3 10 2 5

Question

Quizplus · Accepted Answer

The maximum regret for S1 is 5, for S2 is 9, and for S3 is 10. The minimax strategy is to choose the strategy with the smallest maximum regret, which is S1 with a maximum regret of 5.

This Regret Matrix Gives Values for Strategies S1, S2, and S3