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The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature: State of Naturel Decision Alternative
The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature: State of Naturel Decision Alternative 51 52 53 di 150 100 25 d2 125 100 50 (a) Choose the correct decision tree for this problem. (0) S1150 (1) 150 2 91 5 125 125 d 57 100 di 100 3 1 100 100 13 d1 23 ys 4 51 50 30 (iii) 4 150 (iv) Si 150 57 2 2 inn d1 S1 52 125 1 51 25 5] 125 M2 100 . 3 57 51 50 90 - Select your answer - (b) If the decision maker knows nothing about the probabilities of the three states of nature, what is the recommended decision using the optimistic, conservative, and minimax regret approaches? Optimistic approach - Select your answer - Conservative approach - Select your answer. Minimax regret approach - Select your answer - 4
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