Question: Question 3: [ 11 marks ] Following payoff table (Table 3) shows profit for a decision Analysis problem with two decision alternatives and two states

Question 3: [11 marks]

Following payoff table (Table 3) shows profit for a decision Analysis problem with two decision alternatives and two states of nature.

Table 3:

Decision Alternatives

States of Nature

S1

S2

D1

960

-490

D2

670

320

  1. Without considering the probabilities, recommend a decision based on the use of the optimistic, conservative, and minimax regret approaches. [7]

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