Put the items in the correct order that correspond to the steps for Minmax regre
ID: 3200910 • Letter: P
Question
Put the items in the correct order that correspond to the steps for Minmax regret.
Assume you have a payoff matrix that is already defined.
Below is a sequence of events. Place them in the order they should occur, number 1 being the first item. Select the step number from the drop down next to each item.
Items to order:
Store the loss values in a separate matrix.
Determine the maximum loss for each alternative.
Determine the minimum value of the maximum loss
Determine the loss by subtracting each reward value from its corresponding column maximum.
Find the maximum reward for each state value
Explanation / Answer
The events/items in correct and logical order is:
1) Find the maximum reward for each state value
2) Determine the loss by subtracting each reward value from its corresponding column maximum.
3) Store the loss values in a separate matrix.
4) Determine the maximum loss for each alternative.
5) Determine the minimum value of the maximum loss
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