[Step-by-Step] A manager has developed a payoff table that indicates the profits associated with a set of alternatives under 2 possible states of nature:
Question: A manager has developed a payoff table that indicates the profits associated with a set of alternatives under 2 possible states of nature:
Alternative Situation 1 Situation 2
1 10 2
2 2 8
3 8 5
If the manager uses minimax regret as the decision criterion, which of the alternatives would be indicated?
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