Do parts c,d,e only. Do not copy from others.

2. You have the following payoff table for a decision analysis problem. Payoffs are in units of thousands of dollars of profit. STATE OF NATURE ALTERNATIVES Si S2 S3 di 3 3 9 4 6 dz 2 6 7 a. Which decision alternative would you choose using an optimistic approach? b. Which decision alternative would you choose using a conservative approach? c. Which decision alternative would you choose using the Minimax Regret approach? = For parts d and e, assume that P(s) = 0.2, P(s) = 0.3, and P(sz) = 0.5. d. Which decision alternative would you choose using the EV approach? e. What would be the value of perfect information? 2. You have the following payoff table for a decision analysis problem. Payoffs are in units of thousands of dollars of profit. STATE OF NATURE ALTERNATIVES Si S2 S3 di 3 3 9 4 6 dz 2 6 7 a. Which decision alternative would you choose using an optimistic approach? b. Which decision alternative would you choose using a conservative approach? c. Which decision alternative would you choose using the Minimax Regret approach? = For parts d and e, assume that P(s) = 0.2, P(s) = 0.3, and P(sz) = 0.5. d. Which decision alternative would you choose using the EV approach? e. What would be the value of perfect information