The Minimax Regret Criterion Specifies Selection of the Alternative with the Lowest

question 58

True/False

The minimax regret criterion specifies selection of the alternative with the lowest maximum regret.

---

Definitions:

Factor Weighting Approach

A decision-making technique where various factors are given weights according to their importance to evaluate different alternatives.

Supplier Evaluation

The process of assessing and approving potential suppliers based on various criteria such as performance, reliability, quality, and price.

Composite Score

An overall score that combines multiple individual metrics or scores to provide a summary measure.

Waste Management

The collection, transport, processing, recycling or disposal, and monitoring of waste materials to reduce their effect on health, the environment or aesthetics.