a "politician's" approach to choosing a management alternative under uncertainty in which, for each combination of management alternative and ensuing state-of-nature, the maximum regret is computed as the difference between the outcome of that combination and the best outcome for that state-of-nature —note this approach leads to choosing the decision alternative that minimizes the maximum regret, i.e., minimizing the difference between the decision and what the decision, in hindsight, should have been —see maximax, maximinThis definition last updated 07/20/2008