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:

Legally Act

To perform actions or conduct oneself in a manner that is in accordance with the law.

Agent

A person authorized to act on behalf of another person (the principal), engaging in legal acts or transactions.

Negligence

A failure to behave with the level of care that a reasonably prudent person would have exercised under the same circumstances, resulting in harm or injury.

Tort Liability

Legal responsibility arising from civil wrongs not arising out of contractual obligations, resulting in harm or injury to another.