I understand that the Maximin approach is risk averse and you seek alternatives. For demand questions, it is easy to calculate. My difficulty is when I am faced with a non demand question. Do you look at the alternatives vertically or horizontally?
Hope this makes sense and thank you.
Hi – there is no set rule for this – but conventionally CIMA questions have shown the decisions in the columns along the top … and the outcomes which are not controllable along the rows at the side.
The context of the question should make it clear which aspect is controllable and which is not – so always read the question to ensure correct interpretation of the payoff table given.
Hope this helps
Hi Cath – thank you so much for this. I passed my P2. Really appreciate you taking the time to reply my question.
Thats great news – thanks for letting me know!!
Thank you – really appreciate the resources on this site.
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