Please answer full : 2a & b

2 The director of career advertising at ILMU Community College wants to use decision analysis to provide information to help students decide which 2-year degree program they should pursue. The director has set up the following payoff table for six of the most popular and successful degree program at ILMU Community College that shows the estimated 5 year gross income (5) from each degree for four future economic conditions: Economic Conditions Degree Programme Recession Average Good Robust Graphic Design 145.000 175.000 220,000 260.000 Nursing 150.000 180.000 205,000 215,000 Real Estate 115.000 165,000 220,000 320,000 Medical Technology 130,000 180.000 210,000 280,000 Culinary Technology 115.000 145.000 235,000 305,000 Computer Information 125.000 150,000 190,000 250,000 Technology a. Determine the best degree program in terms of projected income using the following decision criteria: , (2 Marks) Maximin (2 Marks) Equal likelihood (2 Marks) W. Hurwicz (a = 50) (2 Marks) b. The director of career advising at ILMU Community College has paid a small fee to a local investment firm to indicate a probability for each future economic condition over the next 5 years. The firms estimates that there is a 20 probability of a recession, a 40 probability that the economy will be average, a 30 probability that the economy will be good, and a 10 probability that it will be robust. Using expected value determine the best degree programme in terms of projected income. If you were the director of career advising, which degree programme would you recommend