a) Find the appropriate decisions using 1) Laplace Criterion 2) Minimax Criterion (Assume loss payoff table) 3) Maximin Criterion 4) Savage Minimax Regret Criterion 5) Hurwicz Criterion (=0.6) b) Suppose that the firm has assessed that probabilities for the 4 sales levels as: P(1)=0.20P(2)=0.35P(3)=0.30P(4)=0.15 What decision would be reached using Bayes' Rule? c) Find the expected profit using Perfect Information Source (EPPI). d) Find the expected value of perfect information (EVPI). e) Suppose the firm acquires the services of a consulting firm, ABC Inc. ABC will conduct market study that will result in one of 2 outcomes. (1) O1 will be favorable indication of the market for the firm's products. (2) O2 will be unfavorable indication of the market for the firm's products. O1 and O2 are referred to as sample outcomes. The following conditional probabilities were arrived at from considerable ABC experience, using historical market research record in ABC's files and the statisticians' judgment. Find the posterior probabilities, expected payoff with sample information, and expected value of sample information If ABC charges Php1000, find the expected net gain from sample information