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In the context of decision-making in the uncertain future, how do you rate the regret?

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Question added by Nadjib RABAHI , Freelancer , My own account
Date Posted: 2016/12/17
Frank Mwansa
by Frank Mwansa , ACCOUNTING LECTURER , FREELANCER

Thanks for invitation 

The regret criterion is based on the fact that, having selected an alternative that does not turn out to be the best,the decision maker will regret not having chosen another alt when he or she had the opportunity. Regret is the opportunity lost through making the wrong decision. We can rate the regret by the following formula. Regret for any combination of action and circumstances= profit for best action in those circumstances less profit for the actually chosen in those circumstances. The minimax regret decision rule is that the decision option selected should be the one which minimises the maximum potential regret for any of the possible outcomes.

Manu M Pillai
by Manu M Pillai , Chief Accountant , Global Group of Companies

Zero, because my decision is a part of My future.. therefore i won't regret the decision i have taken..

DR MD ANWAR HOSSAIN
by DR MD ANWAR HOSSAIN , Moderator , bayt.com

Thanks .I agree with Mr. frank mwansa..........................................................................

MOHAMMED ELATTAR
by MOHAMMED ELATTAR , مدير مالي , TAZWEED FOR AGRICULTURE CROPS

Thank you for the invitationI think that the evaluation of regret depends on the size of right and wrong in the decisions taken, and over the facts upon which the decision-making

Amit Kumar
by Amit Kumar , Engineer , GS E&C INDIA

You can make professional general plan by working on following areas, 1. You have to clear about interested work area 2. Sufficient knowledge 3. Proper Organization 4. Proper work division 5. Strong and also weak points of plan etc

Omar Saad Ibrahem Alhamadani
by Omar Saad Ibrahem Alhamadani , Snr. HR & Finance Officer , Sarri Zawetta Company

Thanks 

I agree with Mr.Franks answer 

Regards 

Deleted user
by Deleted user

Opportunity cost maybe a useful tool with that, it calculates what would it be, if you decided at the beginning to put your money in an alternative option. 

Ashraf E. Mahmoud (PhD)
by Ashraf E. Mahmoud (PhD) , University Lecturer, Freelancer Consultant and Trainer for Int'l Business & Banking TF. , FreeLancer

Thanks for invitation,

I do believe that:

Regret = Zero risk  

due to the fact to disregard the option, as its owner is unwilling to participate.

 

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