Describe How the Following Criteria Are Applied to a Decision

question 1

Essay

Describe how the following criteria are applied to a decision problem in which the payoff is cost.
a.Minimin
b.Minimax
c.Minimax regret

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Definitions:

Final Goal

The ultimate objective or aim that one seeks to achieve at the end of a process or project.

Behavioral Science

A field of study that examines the interactions among organisms in the natural world, focusing on their behaviors.

Explaining Behavior

The process of providing reasons or rationale for why individuals or groups act in a certain way.

Pseudoscience

Claims that are made on the basis of evidence that, despite appearances, is not based on the principles of the scientific method.