DECISION MAKING TOOLS & DECISION TREE ALTERNATIVES Alternative A Alternative B Alternative C Alternative D Probability 1 550 600 700 500 0.45 States of Nature 2 850 800 900 600 0.25 3 600 900 800 700 0.3 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