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

QUESTION 5 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 Si Decision Alternatives S2 S3 D1 180 100 50 D2 170 BO 70 D3 120 110 90 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) - 0.3, P(S2) - 0.5, and P(S3) -0.2. c) Calculate the Expected value of perfect information 15 minutes on slide

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