Question: 1. A rewards table is shown below. Answer these questions in a clear concise fashion using the data in the table. a. Based on the

1. A rewards table is shown below. Answer these

1. A rewards table is shown below. Answer these questions in a clear concise fashion using the data in the table. a. Based on the Maximin Criterion what option should be taken? b. What is the Regret for option 1 and Future State c. Based on the Minimax Regret Criterion what is the best decision and the Regret value used to make the decision? d. Based on the Future State Probabilities, what is the best option applying maximum expected value decision criterion and the expected value of this best option: Future State Action/Option A B D E 144 8 25 27 105 2 172 120 66 49 176 3 31 40 -33 150 130 4 101 50 5 145 102 59 79 -8 6 35 136 5 30 -3 7 27 2 54 132 -11 Future State 0.1 0.15 0.35 0.25 0.15 Probability 99 75 49

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