Question: QUESTION 3: Payoff Table For Decision Making (15 points) The following Cost payoff table was obtained from a Real Estate Agent in Victoria, BC for

QUESTION 3: Payoff Table For Decision Making (15

QUESTION 3: Payoff Table For Decision Making (15 points) The following Cost payoff table was obtained from a Real Estate Agent in Victoria, BC for your recommendation. States of nature Decision Alternatives $ Di 90 30 170 210 80 D3 130 110 70 a) What is the best decision according to the conservative decision strategy? (3 marks) b) Considering the following probabilities for the states of nature, what is the best decision to be chosen? P(SI) = 0.3, P(S2) = 0.4 (8 marks) c) Calculate the Expected value of perfect information. (4 marks) 15 minutes on slide

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