The MINIMAX Objective

question 34

Multiple Choice

The MINIMAX objective

• A) yields the smallest possible deviations.
• B) minimizes the maximum deviation from any goal.
• C) chooses the deviation which has the largest value.
• D) maximizes the minimum value of goal attainment.

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Definitions:

Minimax Regret Strategy

Minimax Regret Strategy is a decision-making approach that aims to minimize the maximum possible regret from choosing an unfavorable option, considering the worst-case scenario.

Conservative Strategy

A risk management strategy that opts for investments or decisions that are expected to yield lower variability and risk.

Opportunity Loss Strategy

An approach in decision making that focuses on minimizing the potential loss for not choosing the best alternative.

Scoring Model

A statistical tool or algorithm that assesses and assigns scores to individuals or entities based on various attributes or behavior patterns to predict future outcomes.