Question: 3. Answer the questions based on the following decision table. Alternative State of Nature a. If you are uncertain which state of nature will occur,

3. Answer the questions based on the following decision table. Alternative State of Nature a. If you are uncertain which state of nature will occur, and use the maximin criterion, which alternative will you select? What is the associated payoff? b. If you are uncertain which state of nature will occur, and use the maximax criterion, which alternative will you select? What is the associated payoff? c. If you are uncertain which state of nature will occur, and use equally likely criterion, which alternative will you select? What is the associated payoff? d. If you feel that P(81) = 4, P(#2) - ,3, P[#3) -2, and P84) -1, which alternative will you select (based on EMV? What is the associated payoff? Calculate the expected value of perfect information for this situation. e. if somehow you find out for certain that state of nature 14 is going to occur, which alternative will you select? What is the associated payoff

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