Question: 1. Given the following conditional value table, determine the appropriate decision under uncertainty using (a) The optimistic approach. (b) The conservative approach. (c) The minimax

1. Given the following conditional value table, determine the appropriate decision under uncertainty using (a) The optimistic approach. (b) The conservative approach. (c) The minimax regret approach. (d) Construct a decision tree for this problem. Alternatives Build new plant Subcontract Overtime Do nothing State of Nature Very Favorable Average Market Market $350,000 $240,000 $180,000 $ 90,000 $110,000 $ 60,000 $0 $0 Unfavorable Market -$300,000 -$ 20,000 -$ 10,000 $0

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