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Is it true that:
1) Maximax is where we choose the BEST outcome from BEST options
2) Maximin is where we choose the BEST outcome from WORST options
3) Minimax is where we choose the WORST outcome from BEST options
4) Is it correct that we can make the decision even though if we put the Contract Size in ROWS or Normal Demand in COLUMN?
(1) and (2) are correct.
(3) is not correct.
Minimax regret is where we choose the minimum of the worst possible regrets.It does not matter which you have as columns or rows as long as, obviously, you make the correct decisions.
(I assume that you have watched my free lectures on this?)
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