Question: Question 4: [6 marks] Question 1. Following payoff table (Table 1) shows profit for a decision analysis problem with two decision alternatives and three states

Question 4: [6 marks] Question 1. Following payoff table (Table 1) shows profit for a decision analysis problem with two decision alternatives and three states of nature. Table 1: Decision Nature of States Alternative s1 s2 d1 250 100 25 d2 100 75 s3 100 Recommend a decision based on the use of the optimistic, conservative, and minimax regret approaches

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