regulatoryBody NABARD Grade A Prelims Mock Test 2024 Management Concepts of Management Decision Making
Under which condition is the "Minimax Regret" approach used in decision-making, and what does it aim to minimize?
1
It is used under certainty and aims to minimize the maximum potential regret of a decision.
2
It is used in group decision-making to minimize disagreement among participants.
3
It is applied when there is a known probability distribution and aims to minimize expected regret.
4
It is used under uncertainty and aims to minimize the maximum possible regret of not choosing the best alternative.
5
It is applied in scenarios where decisions must be made quickly, aiming to minimize time spent.