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The following payoff table shows prot for a decision analysis problem with two decision alternatives and three states of nature. _ _ States of Nature
The following payoff table shows prot for a decision analysis problem with two decision alternatives and three states of nature. _ _ States of Nature DeCISIon Alternative 51 52 53 d] 260 110 35 d2 110 110 85 Suppose that the decision maker obtained the probabilities Pu:51)= 0.65r Plsz) = 0.15, and 9(53) = 0.20. Use the expected value approach to determine the optimal decision. Eth.:- = E m = E The optimal decision is
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