(No excel needed here)

You have the following payoff table for a decision analysis problem. Payoffs are in units of thousands of dollars of profit.

	State of Nature	State of Nature	State of Nature	State of Nature
Alternatives	S1	S2	S3	S4
D1	35	50	45	40
D2	45	40	30	60
D3	20	35	40	80

Which decision alternative would you choose using an optimistic approach?

Which decision alternative would you choose using a conservative approach?

Which decision alternative would you choose using the Minimax Regret approach?

(Assume that P(S1)=0.2, P(S1)=0.1, and P(S3)=0.4 and P(S4)=0.3.) Which decision alternative would you choose using the EV approach?