Question: Explain Decision Theory Processes Answer the given question below The decision matrix for a cost problem in the risk environment is as follows. Natural States

Explain Decision Theory Processes Answer the

Explain Decision Theory Processes Answer the given question below The decision matrix for a cost problem in the risk environment is as follows. Natural States D1=0,17 D2=0,33 D3=0,50 Strategies S1 120 130 90 S2 90 150 60 S3 100 140 50 1. Find the strategy that gives the lowest cost according to the expected value criterion by drawing a decision tree. 2. Find the strategy to be chosen according to the criterion of greatest probability 3. Find the strategy to be chosen if the highest cost that the decision maker can bear is 90 $

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