MUST SHOW YOUR WORK LEADING TO YOUR ANSWERS IN ORDER TO RECEIVE FULL CREDIT FOR THE QUESTION: 3….

➤ When should a manager use Minimax Regret instead of Maximin or Maximax?
Use Minimax Regret when the manager wants to limit potential opportunity loss rather than maximize best-case payoff or secure the worst-case payoff. It is useful when probabilities are unknown and the firm cares about avoiding large regrets from choosing a suboptimal alternative after the state of nature becomes known.