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About Maximin, minimax, minimax regret

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA PM Exams › About Maximin, minimax, minimax regret

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by John Moffat.
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  • Author
    Posts
  • January 4, 2017 at 1:15 pm #365000
    whiteelf86
    Member
    • Topics: 7
    • Replies: 2
    • ☆

    Hi sir,

    when there is probability of outcomes provided in a question,

    should I ignore when I calculate Maximin, minimax, minimax regret?

    is the probability only needed for the calculation of expected value?

    I watched your lectures twice last month I think you used expected value figures to come up with the answers for Maximin, minimax,

    but I am not sure.

    as BPP book question 88 does ignore the probability on its solution.

    Looking forward to hearing from you.

    Kind regards.

    January 4, 2017 at 4:40 pm #365078
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54659
    • ☆☆☆☆☆

    I suggest that you watch the lectures again, because I certainly do not use the probabilities when using maximin, maximax, or minimax regret criteria!!!! It would be complete nonsense.

    Probabilities are only relevant when calculating expected values.

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