• In your own words, explain how to obtain the expected value of perfect information for any payoff table, which has probabilities associated with each state of nature.
• Then, provide an example, drawing from any of the payoff tables in Problems 119 at the end of Chapter 12.
• If no probabilities are given for the states of nature, then assume equal likelihood.

Problem 4. Brooke Bentley, a student in business administration, is trying to decide which management science course to take next quarterI, II, or III. Steamboat Fulton, Death Ray, and Sadistic Scott are the three management science professors who teach the courses. Brooke does not know who will teach what course. Brooke can expect a different grade in each of the courses, depending on who teaches it next quarter, as shown in the following payoff table:

Course	Professor
	Fulton	Ray	Scott
I	B	D	D
II	C	B	F
III	F	A	C

Determine the best course to take next quarter, using the following criteria.

1. Maximax

2. Maximin