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Minimax regret criterion the venue

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NG is deciding which of four potential venues should be used to stage an entertainment event. Demand for the event may be low, medium or high depending on weather conditions on the day. The management accountant has estimated the contribution that would be earned for each of the possible outcomes and has produced the following regret matrix:

Venue                        Ayefield               Beefield                Ceefield               Deefield

                                        $                          $                              $                          $         

Demand

Low                                0                      200,000                  300,000              450,000

Medium                   330,000                  110,000                       0                    150,000

High                         810,000                  590,000                  480,000                   0

If the company applies the minimax regret criterion the venue chosen would be?

Reference no: EM132203977

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