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.