Question: Problem 13-01 (Algorithmic) The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature: State of

Problem 13-01 (Algorithmic) The following payoffProblem 13-01 (Algorithmic) The following payoff

Problem 13-01 (Algorithmic) The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature: State of Nature S1 S2 S3 Decision Alternative d1 d2 240 160 50 210 110 25 a. Choose the correct decision tree for this problem. (0) (ii) 240 51 240 210 51 51 160 di 160 di 52 52 50 53 210 110 51 52 110 02 50 52 53 25 53 25 53 (iii) (iv) 240 di 51 240 160 52 210 d2 di 51 160 di 50 53 52 110 110 50 52 di d2 51 53 210 25 25 53 d2 b. If the decision maker knows nothing about the probabilities of the three states of nature, what is the recommended decision using the optimistic, conservative, and minimax regret approaches? Optimistic approach Conservative approach Minimax regret approach

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