Which of the Methods for Decision Making Best Protects the Decision

question 3

Multiple Choice

Which of the methods for decision making best protects the decision maker from undesirable results?

• A) the optimistic approach
• B) the conservative approach
• C) minimum regret
• D) minimax regret

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Definitions:

SWOT Analysis

A methodology utilized in strategic planning to analyze and grasp the strengths, weaknesses, opportunities, and threats involved in competing in business or in project development planning.

External Factors

Elements outside of a company's control that can affect its performance and strategic choices, such as economic conditions, competitors, and regulatory environments.

Short-term Performance

An evaluation of an entity's achievements or results over a brief period, typically focusing on metrics like quarterly earnings or monthly sales figures.

Long-term Performance

The extended period over which an entity or investment achieves its goals or demonstrates effectiveness, usually measured over years.