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

QUESTION 5 Payoff Table For Decision Making (15 points) The following payoff table was obtained from a Real Estate Agent in Victoria, BC for your recommendation. The payoff values are distance which are desired to be minimum. Decision Alternatives States of nature S1 S2 S3 D1 190 310 50 D2 140 180 10 D3 90 200 40 a) What is the best decision according to conservative decision approach? b) Considering the following probabilities for the states of nature, what is the best decision to be chosen? P(SI) -0.35, P(S2) - 0.30, and P(S3) -0.35. c) Calculate the Expected value of perfect information. 12 minutes on slide

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