A group of friends are planning a recreational outing and have constructed the following payoff table to help them decide which activity to engage in.

Assume that the payoffs represent their level of enjoyment for each activity under the various weather conditions.

Answer the below questions.

(5) A. They are young and optimistic - which payoff matrix criterion should they use?

(10) B. Determine the preferred alternative and payoff using the criterion you chose.

The weather report came in with the following probabilities: 20% for cold weather, 40% for warm weather, and 40% for rainy weather.

(15) C. Create a decision tree to determine the expected level of enjoyment for each alternative and the preferred alternative

Weather Cold Warm Rainy 6 10 8 Bike: Hike: Fish: 14 15 2 7 8 9 Weather Cold Warm Rainy 6 10 8 Bike: Hike: Fish: 14 15 2 7 8 9