DECISION MAKING TOOLS & DECISION TREE ALTERNATIVES Altemative A Alterative B Altemative C Alterative D Probability 1 55 60 70 -100 0.3 States of Nature 2 65 80 80 -110 0.3 888W 140 0.4 1. Identify decision Under uncertainty: a. Maximax Criterion = b. Maximin Criterion = C. Laplace Criterion/Equally likely Criterion = d. Minimax Regret Criterion = 2. Identify decision Under risk (p): Expected Monetary Value (EMV) 3. Identify decision Under Certainty: Expected Value Perfect Information (EVPI) EVPI -EVWPI - EMV (max) 4. Draw Decision Tree for this