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The hiring process at Qpeenswoy Staffing Agency is great, but far from perfect. Good candidates are sometimes rejected and bad ones sometimes hired. Since the agency earns profits from hiring good candidates, they also incur losses when they hire a candidate that is fired within I5 months or when they reject a good candidate. Their average payoffs {profitflosa $} Per candidate are as follows: What is the best decision and the corresponding value (payoff, average payoff, or regret} using each of the following approaches? a: maxim approach $l:] m mm approach $:] cyequauy may approach 3 |:] d} realism approach at o: = 0.17 $ C] e) minimax regret approach lGill'en the following profit payoff table: 1. Construct an opportunity loss {regret} table by completing the following table. 2. Given the probabilities of the states of nature are 13(31) - n.1, 13(32} - {1.1, and P(33} - ELIE, calculate the minimum expected opportunity loss. Minimum 3. What is the best altematiye based on expected opportunity loss? d1d2d3 COD 4. What is the EVPI? l:l The hiring process at Queenswoy Staffing Agency is great, but far from perfect. Good candidates are sometimes rejected and bad ones sometimes hired. Since the agency earns profits from hiring good candidates, they also incur losses when they hire a candidate that is fired within 6 months or when they fail to hire {reject} a good candidate. They used relative frequency to determine the probability of hiring a good candidate and presented their payoffs {in $000) as follows: mas-nu Queensway has recently subscribed to a premium package at Finch, an online career site. This package provides Queensway with access to the candidates who are already rated on Finch. Candidates are rated A if they have been verified to be top performers, and rated F if they have not performed well. Past user experience shows that if a candidate is Good, they are rated A 60% of the time but if they are Bod, they are rated F 48% of the time. Calculate the following probabilities. Do not round your results. a] Pfrated A | Bad} = C] b} P(rated F) = |:] c} P(Ba.d | rated A) = D a} P(Good | rated F) = l