October 27, 2022 Minimax Regret criterion|Decision Theory|Part 2|Operations Research|Malayalam |

This decision criteria has an objective of minimizing the maximum regret which can occur as a result of choosing a certain option and not the others. This approach uses this formula; Opportunity Loss (OL) = Maximum Payoff – Payoff under Each condition occurrence The following steps are adhered to when determining the best alternative Step one; Identify the maximum payoff in each condition step two subtract each payoff from the maximum payoff step 3 select the minimum value since it minimizes the maximum regret