Consider the following decision table with THREE decision alternatives, D1, D2 and D3) and three states of nature, S1, S2 and S3 The rewards are profits so your goal is to get the most reward given your decision making strategy Please enter your answers without $ sign and WITHOUT decimals If you are asked to enter the name of the best alternative using some criterion, you will use D1, D2, or D3 note that the letters have to be in upper case with no gap between the letter and the number S1 S2 S3 D1 $388 $679 $256 D2 $175 $888 $234 D3 $108 $750 $416 (1) What is the maximum regret associated with D2 (2) What is the maximum regret associated with D1 (3) What is the minimum of maximum regrets over all alternatives (4) What is the best decision applying minimax regret criterion (please enter the name of the decision D1, D2 or D3) (5) What is the best decision applying optimistic criterion (6) What is the best decision applying pessimistic criterion

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Question: Consider the following decision table with THREE decision alternatives, D1, D2 and D3); and three states of nature, S1, S2 and S3. The rewards are

Consider the following decision table with THREE decision alternatives, D1, D2 and D3); and three states of nature, S1, S2 and S3. The rewards are profits so your goal is to get the most reward given your decision-making strategy. Please enter your answers without $ sign and WITHOUT decimals. If you are asked to enter the name of the best alternative using some criterion, you will use D1, D2, or D3....note that the letters have to be in upper case with no gap between the letter and the number.

	S1	S2	S3
D1	$388	$679	$256
D2	$175	$888	$234
D3	$108	$750	$416

(1) What is the maximum regret associated with D2?

(2) What is the maximum regret associated with D1?

(3) What is the minimum of maximum regrets over all alternatives ?

(4) What is the best decision applying minimax regret criterion? (please enter the name of the decision D1, D2 or D3) (5) What is the best decision applying optimistic criterion?

(6) What is the best decision applying pessimistic criterion?

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