$($c$)$ Suppose that a decision maker faced with four decision alternatives and four states of nature

develops the following cost table:

The optimistic approach evaluates each decision alternative in terms of the least cost that can

occur. The minimum cost for $d_1,d_2,d_3,$ and $d_4$ is $5,7,9,$ and $8,$ respectively. Using the

optimistic approach, the recommended decision is $d_1.$

The conservative approach evaluates each decision alternative in terms of the maximum cost

that can occur. The worst payoff for $d_1,d_2,d_3,$ and $d_4$ is $14,11,11,$ and $13,$ respectively.

Using the conservative approach, the recommended decision is $d_2$ or $d_3.$