1: (25) Given: A developer has 100 million dollars ($M) to invest in one of four projects: 1. Recreation center 2. Condominiums 3. Amusement Park 4. Urban renewal The success of each project depends on the state of the economy over the next 20 years. The table below shows the payoff matrix for each course of action and State of the economy. Payoff Matrix ($M) Decision Strategy State of Nature (economy) P(Poor) S (Steady) G(Good) A -6 10 31 B -29 21 42 C 0 8 12 D -7 6 18 Find: The developer has hired you as a management consultant to recommend an appropriate strategy. Describe how you would make decisions under the uncertain climate conditions using (a) Maximax, (b) Maximin, (c) Minimax regret, (d) Laplace, and (e) Hurwicz ( = .7, =.3) criteria. (5 pts. Each)