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    Optimistic, Conservative & Minimax Regret Approaches

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    Which approach is most preferred and why? Optimistic, conservative, or minimax regret. Also, is establishing the most appropriate approach before analyzing the problem important for the decision maker? Explain.

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    https://brainmass.com/statistics/probability/optimistic-conservative-minimax-regret-approaches-54672

    Solution Preview

    There is no right or wrong answer to this question. Note that the three approaches mentioned above provide different recommendations, which in itself isn't bad. It simply reflects the difference in decision-making philosophies that underlie the ...

    Solution Summary

    This solution provides perspectives on each approach mentioned and also the role of the decision maker.

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