The following pay-off table relates to three projects 1, 2 and 3 under different market conditions: State of market Declining Static Project 1 Project 2 Project 3 Required: i. ii. 8 18 0 30 0 31 Growing 0 35 75 Maximum regret What is the maximum regret for each course of action in column 4, and under the different market conditions? What course of action should the decision maker choose of the three and for what reason would he make that choice?