Question: QUESTION 5 Payoff Table For Decision Making (15 points The following Cost payoff table was obtained from a Real Estate Agent in Edmonton Alberta for

QUESTION 5 Payoff Table For Decision Making (15 points The following Cost payoff table was obtained from a Real Estate Agent in Edmonton Alberta for your recommendation. Decision States of nature Alternatives S1 S2 S3 D1 650 480 760 D2 805 490 890 D3 640 750 870 a) What is the best decision according to the conservative decision strategy? b) Considering the following probabilities for the states of nature, what is the best decision to be chosen? P(SI)-0.15, P(S2) = 0.35, and P(S3) -0.5. 12 minutes on slide c) Calculate the Expected value of perfect information

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