Consider the following Profit Payoff Table:

	State of Nature
Decision Alternative	S1	S2	S3
d1	250	100	25
d2	100	100	75

The probabilities for the states of nature are

P(S₁) = 0.65,

P(S₂) = 0.15, and

P(S₃) = 0.20.

1. What is the optimal decision strategy if perfect information were available?
2. What is the expected value for the decision strategy developed in part (a)?
3. Using the expected value approach, what is the recommended decision without perfect information? What is its expected value?
4. What is the expected value of perfect information?