A developer has $100$ million dollars $($$M$)$ to invest in one of four projects:

$1.$ Recreation center

$2.$ Condominiums

$3.$ Amusement Park

$4.$ Urban renewal

The success of each project depends on the state of the economy over the next $20$ years. The table below shows the payoff matrix for each course of action and State of the economy.

Payoff Matrix $($$M$)$

Decision Strategy State of Nature $($economy$)$

P$($Poor$)$ S $($Steady$)$ G$($Good$)$

A $-61031$

B $-292142$

C $0812$

D $-7618$

Find: The developer has hired you as a management consultant to recommend an appropriate strategy. Describe how you would make decisions under the uncertain climate conditions using $($a$)$ Maximax, $($b$)$ Maximin, $($c$)$ Minimax regret, $($d$)$ Laplace, and $($e$)$ Hurwicz $(\backslash$alpha $=\mathrm{.}7,\backslash$beta $=\mathrm{.}3)$ criteria.