Question: Consider the following decision table. Probability Alternative A Alternative B Alternative C Alternative D States of Nature 2 3 0.2 0.5 0.3 50 55 60

Consider the following decision table. Probability Alternative A Alternative B Alternative C Alternative D States of Nature 2 3 0.2 0.5 0.3 50 55 60 30 50 80 70 80 70 -100 -10 140 Answer the following questions. a) Considering Maximin criterion, which option would you choose? b) Considering equally likely criterion, which option would you choose? c) Considering Expected Monetary Value (EMV), which option would you choose? d) What is the expected value of perfect information? 18

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