Define the terms; maximax rule, maximin rule and minimax regret rule?

1. The maximax criteria looks at the best possible results. maximax means maximise the maximum profit.

2.The maximin decision rule suggests that a decision maker should select the alternative that offers the  least unattractive worst outcome. This would mean choosing the alternative that maximise the minimum profits

3.The minimax regret rule aims to minimise the regret from making the wrong decision. Regret is the opportunity lost through making the wrong decision.