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Problem 3 Decision Table Analysis (20 points) can James Smith has three major routes to take to work. He can take Bank Street the entire way, he take several back streets to work, or he can use the highway. The traffic patterns are, however, very complex. Under good conditions, Bank Street is the fastest route. When Bank Street is congested, one of the other routes is preferable. Over the past two months, James has tried each of route several times under different traffic conditions. This information is summarized in minutes of travel time to work in the following table: Fall 2024 ADM 2302 A, B, C, D and E No Traffic Congestion (Minutes) (Minutes) Mild Traffic Congestion Severe Traffic Congestion (Minutes) Bank Street 10 25 40 Back roads 15 20 30 Highway 25 25 25 2 Page Assignment 3 Which alternative should be selected if the decision criterion is: (show your work/calculations). (a) The optimistic approach? (3 points) (b) The conservative approach? (3 points) (c) Minimize the regret? (5 points) (d) In the past 90 days. James encountered severe traffic congestion 18 days and mild traffic congestion 36 days. Assume that the past 90 days are typical of traffic conditions. What route should James take? Use the EP criterion. (5 points) (e) James has learned that a radio station in Ottawa would tell him the exact traffic conditions before he heads to work. How much time in minutes on average would James save by listening to the radio station? Hint: calculate the EVPI. (4 points)