Payoff tables + Risk Preference + Maximax, Maximin & Minimax Regret [Eng]

In this lecture following topics are discussed:
+ 0:00 Intro to types of decision analysis techniques to manage risk and uncertainty
[Probability based and non probability based decision making techniques]
Pros and Cons of these techniques over each other
+ 0:40 Intro to Payoff tables (also called decision tables)
1:20 Payoff Tables Explained; Definition, How it helps in with scenarios and alternatives
2:00 Types of Scenarios; Best Possible, Worst Possible, Most likely
2:15 Format of payoff table (decision table)
+ 3:25 Understanding Risk preference i.e. individual's attitude towards risk and why its important:
- risk taker [optimistic]
- risk avoider [pessimistic or conservative]
- risk neutral
+ 4:25 Decision rules based on risk preference instead of probability (non probability based):
Maximax rule as followed by the optimist or risk taker
Maximin as followed by the pessimist or risk avoider
Minimax regret rule as followed by the risk neutral person.
+ 5:14 Maximax rule explained; understanding what it is and how it works with examples
+6:37 Maximin rule explained; understanding in detail with examples
+7:53 Minimax regret rule explained with examples, what it is and how to determine and decide.
Minimax regret table; what it is and how the figures are calculated.

[@muhammadyasin4266]

Thanks for Providing simple way to understand this concept

[@cedrio8244]

oh yeeahhh im german and study at the moment i didnt find anything execpt of this video which could explain me the fuckin payoff table :DD

[@NeilTheBoss12]

You explained very clearly, thanks!

[@mohitkr080886]

Thanks, Cleared all my doubts through your video.

[@moonhanaa]

I am so confused with this topic before my exam and this video saves me! Thank you for your sharing.

[@abhishekchaturvedi6844]

one of the best videos is what exactly I am looking for

[@ozgin3958]

Thank you so much , I was doing my homework and still can’t figure it out but after I watch this video I can understand it that my lecturer swap position of alternatives .I was fool for like 5 hours haha , thank you again!

[@HasaanFazal]

Glad it helped. And good luck!

[@bhavnarajput8572]

Very well understood... thankuuu so much

[@shamendrasuraweera1474]

Very clear and well explained

[@natanyamckenzie6816]

Love this video ❤

[@mahirfaysalprottoy3075]

very good presentation.

[@rohanbinkhokon345]

Thank you Brother.

[@seyhanreyhan]

Thank you soooo soooo much :) your are perfect

[@shihabudheenpp5988]

The way of presentation is good

[@HasaanFazal]

Appreciate your kind words

[@kudakwashebriankatsere9488]

simple explanation. thanks a lot

[@mamushgezahign1924]

Woooow really really I wanna say tnx from bottom of ma heart tnx all Indian brilliant love Indian!

[@englishtosinhalalyricshub2897]

Very clear.. thanks a lot❤️

[@amirrahman2592]

this is so helping 👍🏻👍🏻👍🏻

[@olaoluwamann4187]

What happens when we have more than three scenarios? Do we strike one scenario out, or compute all scenarios?

[@vivekaryal9865]

Thanks a lot.

[@dav8749]

this was so helpful, I struggled with understanding it till now

[@mahmudulhasan2401]

I have found a solution in cima -Kaplan for p1 where regret is calculated along alternative options, not along scenarios - I'm confused

[@nidhithakur6850]

Good

[@priscillazizinga6551]

please what happens if the worse possible outcomes have equal numbers?

[@saquibrazakhan7412]

Thanks brother :)

[@dennissang686]

Indeed very helpful

[@HasaanFazal]

Glad it helped

[@sheikhrashel9799]

Thanks a lot vai❤️❤️

[@nasraearly7960]

Thank you❤️🥺

[@muhammadumarnazirchishti5155]

kindly please make video on value of perfect and imperfect information and decision trees

[@HasaanFazal]

IN SHA ALLAH TALLAH

[@nahin46]

Cleared.
Thank you.

[@joshaerikamascardo8941]

Hello, what if you computed all the 3 approach (optimist, conservative, minimax regret) and among all the results, you need to choose which is the best decision.
Example:
Optimist: d3 = 120
Conservative: d4 = 20
Minimax regret: d4 = 100
what could be the best decision?

[@HasaanFazal]

As stated in the video, it depends on the managerial style of the individual. That style will dictate which path to follow.
This is important as a person can only one style at one time. He can't be optimistic and conservative at the same time.
Hope this helps.

[@raghuvarma3307]

sir i have a doubt that i regret table you told that the minimum should be selected but the minimum is -570 please explain

[@HasaanFazal]

In -570.... minus is representing a loss. In other words minus sign is used to represent losses. Understanding this, if we compare 570, 360 and 250 the highest possible loss is 570.
Seems you got confused between conceptual and figurative use of minus sign.
Hope this helped. Let me know if you require further explanation

[@darkprince1896]

Thnx sir ..... It means a lot to understand ths topics .. Btw where can i found the counterpart ?

[@HasaanFazal]

Didn't get what you meant by "counterpart"?