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Minimax regret table

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA PM Exams › Minimax regret table

  • This topic has 1 reply, 2 voices, and was last updated 8 months ago by John Moffat.
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  • October 19, 2021 at 9:07 am #638430
    SarahSyed
    • Topics: 10
    • Replies: 1
    • ☆

    Minimax (regret table):
    Best option from Worst Outcomes

    [If demand is in Column; and Contract is in Rows;]

    Demand—-Probability————-Contract
    ———————————300—–500——700——800
    400————–0.2——–2900—-3500—-4100—-4400
    500————–0.3——–3400—-4000—-4600—-4400
    700————–0.4——–4400—-5000—-4600—-4400
    900————–0.1——–5400—-5000—-4600—-4400

    Demand—Probability————-Contract
    ———————————300—–500—–700—–800
    400————-0.2———2500—-1500—-500——-0
    500————-0.3———2000—-1000——0——–0
    700————-0.4———1000——-0——–0——–0
    900————-0.1————0———0——–0——–0

    Worst Outcomes:
    300 units = $2500
    500 units = $1500
    700 units = $500 (Best Option)
    800 units = $0

    Sign contract for 700 units;

    It doesn’t matter whether we make regret table based on rows or columns (both result in the same answer).

    October 19, 2021 at 4:13 pm #638506
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 49603
    • ☆☆☆☆☆

    No – it doesn’t matter which way round you show the rows and columns – just make sure that you label them properly 🙂

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