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The following payoff table shows prot for a decision analysis problem with two decision alternatives and three states of nature. 80 BO 80 55 The
The following payoff table shows prot for a decision analysis problem with two decision alternatives and three states of nature. 80 BO 80 55 The probabilities for the states of nature are P(s1} = 0.65, P(sz] = 0.15, and H53} = 0.20. (a) What is the optimal decision strategyr if perfect information were available? If 51 then ; If 52 then ; If 53 then . (b) What is the expected value for the decision stlategv developed in part (a)? E (c) Using the expected value approach, what is the recommended decision without perfect information? What is its expected value? The recommended decision without perfect information is . Eh: (d) What is the expected value of perfect information? arm: (a) What is the optimal decision strategy if perfect information were available? If s, then If s, then v ; If s, then ? (b) What is the d value for the decision strategy developed in part (a)? da di or d: (c) Using the expected value approach, what is the recommended decision without The recommended decision without perfect information is
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