a: Optimistic Approach. Maximax - Find the maximum value out of the set of maximums. Maximax Decision Alternatives Large Medium Small High Acceptance 300000 200000 100000 Low Acceptance - 15000 20000 60000 300000 200000 100000 b: Conservative Approach. Maximin - Find the maximum value out of the set of minimums. Maximin Decision Alternatives Large Medium Small High Acceptance 300000 200000 100000 Low Acceptance -15000 20000 60000 - 15000 20000 60000 c: Minimax Regret. Find the regret table by subtracting each payoff with its corresponding column maximum. Then find the minimum of the set of maximum regrets. Decision Alternatives Large Medium Small High Acceptance 0 100000 200000 Low Acceptance 75000 40000 0 Minimax Regret 75000 100000 200000 Based on the initial information above, the CEO of the company believes that the high- acceptance state of nature has 0.3 probability of occurrence. a) Which decision is the best for the CEO to take? Why? Construct a decision tree to illustrate this case and represent the result better. b) Moreover, the CEO of the company had the opportunity to conduct a market study that would evaluate consumer needs for the company. Determine the maximum possible value for doing a market survey? What will you suggest to the CEO? c) Based on the result from no. a), how sensitive is it, especially when external environment changed? Calculate and elaborate your