Question: detailed answer QUESTION 3: Payoff Table For Decision Making (15 points) The following Cost payoff table was obtained from a Real Estate Agent in Victoria,

detailed answer

QUESTION 3: Payoff Table For Decision Making (15 points) The following Cost payoff table was obtained from a Real Estate Agent in Victoria, BC for your recommendation. Decision Alternatives 90 30 States of nature 51 170 210 130 DI 10 80 110 70 D3 a) What is the best decision according to the conservative decision strategy? (3 marks) b) Considering the following probabilities for the states of nature, what is the best decision to be chosen? P(SI) - 0.3. P(S2) - 0.4 (8 marks) c) Calculate the Expected value of perfect information. (4 marks) 15 minutes on slide

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