identify a situation in your life/work previously or currently(defined broadly) when you had/have a decision to make without knowledge of the probabilities of the outcomes of those decisions. a) Describe the situation briefly, identify the decision alternatives, and identify the possible states of nature. there must be at least three decision alternatives and at least two states of nature. remember that decision alternatives are in your control and states of nature are not. b) Construct a payoff table. the values in the table must be numerical, and the unit must be in dollars or units of utility ( where utility represents the benefit or satisfaction received from that outcome). if you don't know the actual values, then make your best estimate. c) Identify the optimistic approach decision alternative, the conservative approach decision alternative, and the minimax regret approach decision alternative. Be sure to show your work and explain your reasoning