The ________ minimizes the maximum regret.
A) maximax regret criterion
B) minimax regret criterion
C) minimin regret criterion
D) maximin regret criterion

Question

Quizplus · Accepted Answer

The minimax regret criterion seeks to minimize the maximum regret, which means it aims to choose the alternative that has the lowest possible maximum regret. This approach is a conservative one that tries to minimize the worst-case scenario, which is useful when there is significant uncertainty about the future consequences of each alternative. Thus, the correct answer is B.

The ________ Minimizes the Maximum Regret