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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.
Zero, because my decision is a part of My future.. therefore i won't regret the decision i have taken..
Thanks .I agree with Mr. frank mwansa..........................................................................
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
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
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I agree with Mr.Franks answer
Regards
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.
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.