A group of friends are planning a recreational outing and have constructed the following payoff table to help them decide which activity to engage in. Assume that the payoffs represent their level of enjoyment for each activity under the various weather conditions.

	Cold S1	Warm	Rainy
Bike A1	10	8	6
Hike A2	14	15	2

a) If the group is optimistic, what decision should they make?(Maximax)

b) If the group is conservative, what decision will they make?

c) If the group chooses to minimize their maximum regret, what activity will they choose?

d) If the probabilities of cold weather (S1), warm weather (S2), and rainy weather (S3) are 0.2, 0.4, and 0.4, respectively, then what decision should be made using the expected value criterion?