Question 4 (13 points) Listen Cost Min: A project has estimated the following payoff table. Determine the best decision using the following criteria. 1. Maximax (2 marks) 2. Maximin (2 marks) 3. Hurwicz, a = 0.72 (3 marks) 4. Minimax Regret (3 marks) 5. EVPI (3 marks) You can use the HTML Editor to enter your answer in tables. You can also insert images. States of Nature State 3 State 2 0.25 0.30 59,500 78,000 0 9,500 28,000 39,000 84,500 58,500 -19,500 -15,500 3,000 58,500 Decisions State 4 Probabilities 0.20 PLT 3 PLT 1 PLT 4 PLT 2 26,000 65,000 6,500 40,000 State 1 0.25

A project has estimated the following payoff table, Determine the best decision using the following criteria 1. Maximax (2 marks) 2. Maximin (2 marks) 3. Hurwicz, =0.72(3 marks) 4. Minimax Regret (3 marks) 5. EVPI ( 3 marks) You can tse the HTML Edifor to enter your answer in tables. You can also insertimages