Match the terms with the clues. 1D 1D This decision criterion reframes a problem from payoff to loss of opportunity. This decision criterion is used for decisions in which risk aversion is important because it chooses the maximum of the worst case scenarios of each alternatiive. This criterion should only be used when the decision maker is particularly optimistic about the future. This is the difference between your expected payoff if you knew the states of nature in advance and the result of using the expected value method (also called the expected monetary value method). The best solution is obvious. The part of the decision problem that is not in the control of the decision maker The part of a decision problem that is under the control of the decision maker. . Decision Making under Risk . Choice of alternative. . Expected value of perfect information .Minmax Regret . Decision Making under Certainty . Maximax . Maximin . Laplace (equally likely) . State of nature