The difference between the MAX profit and ACTUAL payoff for a decision: Create Opportunity Loss Table...1) Select alternative in each column with the MAX payoff 2) Opp.Loss=(max payoff in column) - (each payoff in column) 3) Find the MAX opportunity loss for each alternative and pick the alternative with the MINIMUM number out of entire table.

Select one:

a.Decision making under UNCERTAINTY

b.Decision making under RISK

c.Minimax regret

d.Decision making under CERTAINTY