Show all calculations in EXCEL. please share the exel file too. You may follow the methods shown in the mp4 on Decision Analysis for a way to do part (b) of this question if you wish.

(a) Discuss the differences among decision making under certainty, under risk and under complete uncertainty. (b) Bikram Shrestha is considering investing some money that he inherited. The following payoff matrix gives the profits that would be realised during the next year for each of the investments that Bikram is considering.

	Good Economy	Poor Economy
Share market	$80,000	($20,000)
Bonds	30,000	20,000
Real estate	25,000	15,000

Answer the following questions. Each answer must be supported with appropriate calculations and/or a table of figures, and you must state for questions 1 to 4 which alternative would be selected.

1 Which alternative would an optimist choose? 2 Which alternative would a pessimist choose? 3 Which alternative is indicated by the criterion of regret? 4 Assuming probability of a good economy = 0.3 using expected monetary values what is the optimum action? 5 What is the expected value of perfect information?