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Consider the following payoff table showing profit for a decision analysis problem with four decision alternatives and two states of nature: Assignment requirements a. Determine

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Consider the following payoff table showing profit for a decision analysis problem with four decision alternatives and two states of nature: Assignment requirements a. Determine the best decision alternative using the optimistic and pessimistic decision analysis methods. b. Determine the best decision alternative if the decision maker knows that the probability of occurrence of sz is four times that of s1. c. Use graphical sensitivity analysis to determine the range of probability values that si can take for which your answer to part (b) remains the best alternative. d. For a gamble of having a payoff of 150 with probability p and a payoff of 75 with probability 1-p, a decision maker has given the following probability cut-off points in relation to her selection: 0.85 for the payoff of 120 and 0.75 for the payoff of 100. Determine the best alternative for this decision maker using the expected utility method (assign utility values of 20 and 0 to the best and worst payoff values)

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