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CIMA Exam CIMAPRO19-P01-1 Topic 4 Question 85 Discussion

Actual exam question for CIMA's CIMAPRO19-P01-1 exam
Question #: 85
Topic #: 4
[All CIMAPRO19-P01-1 Questions]

A marketing manager is trying to decide which of four potential selling prices to charge for a new product. The state of the economy is uncertain and may show signs of recession, growth or boom. The manager has prepared a regret matrix showing the regret for each of the possible outcomes depending on the decision made.

If the manager applies the minimax regret criterion to make decisions, which selling price would be chosen?

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Suggested Answer: C

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by Mariko at Apr 22, 2024, 02:49 PM

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Alison
1 days ago
The minimax regret criterion aims to minimize the maximum possible regret, so the correct answer would be C) $50 since it has the lowest maximum regret of 5.
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Willard
10 days ago
I agree with Desire, the selling price of $40 minimizes the potential regret in uncertain economic conditions.
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Marion
11 days ago
I disagree, I believe the selling price of $45 would be the best choice.
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Desire
13 days ago
I think the manager should choose the selling price of $40.
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