Question 2 When making decisions under risk situations we can use the expected-value model. Each strategy requires funds to be invested and as a result produces a different prot pay off as shown in table below: Assume the probabilities for each state are 10%, 40% and 50% respectively. a. Using the concept of Expected Value, which strategy should be adopted? Now, assume there is complete uncertainty for Question 2 parts b to d: b. If your organisation takes a pessimistic View, what strategy should be selected? c. If your organisation takes a sore looser attitude (minimising regret), What strategy should be selected? d. What strategy should be selected if you apply the Laplace criterion? Show your workings and provide a short explanation for each of your answers Q2(a) to (d). (14 Marks)