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Problem 13-05 (Algorithmic) The following profit payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature. Suppose
Problem 13-05 (Algorithmic) The following profit payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature. Suppose that the decision maker obtained the probability assessments P(S1)=0.60,P(S2)=0.20, and P(S3)=0.20. Use the expected value approach to determine the optimal decision. The optimal decision is b. What is the expected value for the decision strategy developed in part (a)? If required, round your answer to one decimal place. c. Using the expected value approach, what is the recommended decision without perfect information? What is its expected value? If required, round your answer to one decimal place. d. What is the expected value of perfect information? If required, round your answer to one decimal place
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