Using the Minimax Regret Rule the Manager Makes the Decision

question 57

Multiple Choice

Using the minimax regret rule the manager makes the decision

• A)with the smallest worst-potential regret.
• B)with the largest worst-potential regret.
• C)knowing he will not regret it.
• D)that has the highest expected value relative to the other decisions.

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Definitions:

Society Interest

The collective welfare and interests pursued by a community or society, often reflecting common goals or concerns such as public safety, education, and economic prosperity.

Own Interest

Refers to the personal gain or benefit that individuals or organizations seek in various activities or decisions.

Production Process

The Production Process involves the methods and sequences of activities used to transform inputs into finished goods or services.

Capital

Financial assets or physical resources that are used by businesses to produce goods and services and generate wealth.