CHAPTER 3: DELISIUN ANALYSIS Name: Instructions: Complete the Concept Review via Excel. Upon completion, upload the group laba Assignments. Include all group member names first and last name the group lab to Blackboard 1) Determining the best payoff for each alternative and choosing the alternative with the best of the approach called: A) Taximax maximin C) Laplace D) minimax regret E) expected monetary value 2) Determining the worst payoff for each alternative and choosing the alternative with the best of the worst approach called: A) maximax maximin C) Laplace D) minimax regret E) expected monetary value 3) True or False: Answer: TRUE Decision trees are typically analyzed from right to left. 4) True or False: received Opportunity loss is the difference between the optimal payoff and the actual payoff Use this information to answer the following questions in Microsoft Excel under the Consider the following payoff table that represents the profits earned for each alternative (A, Band states of nature S1, S2, and S3 S1 S2 S3 $60 $145 $120 $75 $125 $110 C $95 $85 $130 5) Refer to the payoff table. Using the maximax criterion, what would be the highest expected payo A) $145 B) $124 C) $120 D) $110 E) $100 6) Refer to the payoff table. Using the maximieren, what would be the chest expected pay A) 5145 B) $125 C) $85 D) $75 E) $60 7) Refer to the payoff table. Using the Laplace criterion, what would be the highest expected payt? A) 5103.3 B) $108.3 C) 5120 D) $125 E) 5145 8) Refer to the payoff table. Using the minimax regret criterion, which alternative would you choose AA B) B C) D) A or B ) r 9) Refer to the payoff table. What is the expected value under certainty? Assume P(51) 0.5 and P(52) 0.25 A) 510125 B) $103.33 C) $108.33 D) $116.25 E) $136.25 10) Refer to the payoff table. What is the expected value of perfect information (EVP)? Assume PS1) - 0.5 and P(S2) - 0.25 A) 50 B) 511.25 C) 515 D) $20 E) 535 11) Conduct Problem P3-19. The template is acessible viac hoard Refer to page the questions set and solutions