Question: Consider the following payoff table: Decision Alternative Probabilities Decision Alternative 1 Decision Alternative 2 Decision Alterative 3 Decision Alternative 4 State Poor 0.2 49 37

Consider the following payoff table: Decision Alternative Probabilities Decision Alternative 1 Decision Alternative 2 Decision Alterative 3 Decision Alternative 4 State Poor 0.2 49 37 54 54 of Nature Average Good 0.4 0.4 40 26 28 32 47 57 22 52 What is the best decision alternative using the Expected Value criterion? 1) DA1 2) DA2 3) DA3 4) DA4

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