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. States of nature Decision Alternatives S3 S2 S1 760 480 D1 650 890 490 805 D2 870 750 640 D3 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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