Question: Please do it by type not pic. 1.What is a payoff table and how is it used? 2.What is the fourth element of decisions with

Please do it by type not pic.

1.What is a payoff table and how is it used?

2.What is the fourth element of decisions with risks?

3.What is the difference between a good decision and a good outcome?

4.What is the maximin criterion rule, what is its downside, and how often is it used?

5.What is the maximax criterion rule, what is its downside, and how often is it used?

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