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Maximax & Maximin & Minimax

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA PM Exams › Maximax & Maximin & Minimax

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.
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    Posts
  • September 29, 2021 at 6:11 pm #636701
    Imran.Sajjad
    Member
    • Topics: 24
    • Replies: 7
    • ☆

    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?

    September 30, 2021 at 6:48 am #636735
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51582
    • ☆☆☆☆☆

    (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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