Question: Learning Activity) Dul by Aug 27th @ 6:00 pm The following payoff table shows cost for a decision analysis problem with two decision alternatives and

Learning Activity) Dul by Aug 27th @ 6:00 pm The
Learning Activity) Dul by Aug 27th @ 6:00 pm The following payoff table shows cost for a decision analysis problem with two decision alternatives and three states of nature State of nature S1 S2 S3 Decision alternative di d2 190 160 130 210 103 110 If the decision maker estimates the following probabilities for the three states of nature; P(51) = 0.25, P(s2) = 0.35 and P(s3) = 0.4 0 Find the best decision to be made. Include the risk profile associated with your choice. C) Find the expected value of perfect information. (i) If the probability info were not available, what decision would have been best according to the conservative approach? ASUS VlvoBook

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