a. If the decision maker knows nothing about the probabilities of the four state of nature, what is the recommended decision for each of the following approaches: optimistic, conservative, minmax regret, Equal likelihood , and The Hurwiz criterion using = 0.6

b. Assume that the payoff table provided cost rather than profit payoffs, what is the recommended decision for each of the following approaches: optimistic, conservative, minmax regret, Equal likelihood, and The Hurwiz criterion using = 0.6

The following payoff table shows the profit for a decision analysis problem with four decisions alternatives and four state of nature. Decision Alternative di 4 S 1 28 S S S 2 3 18 2010 d2 22 20 16 14 18 20 20 22 d3 d4 16 20 22 26