A decision maker is faced with four decision alternatives and four states of nature and this shown in the following profit payoff table

Decision Alternatives	State of Nature
	s1	s2	s3	s4
d1	14	9	10	5
d2	11	10	8	7
d3	9	10	10	11
d4	8	10	11	13

Required

1. If the decision maker knows nothing about the chances or probabilities of occurrence of the four states of nature, what is the recommended decision using the optimistic, conservative and the minimax regret approaches?

2. Which approach do you prefer? Explain. Is it important for the decision maker to establish the most appropriate approach before analyzing the problem? Explain.

3. Assume that the payoff table provides cost rather than profit payoffs. What is the recommended decision using the optimistic, conservative and minimax regret approaches?