subject- Bussiness analytics and decision making

Learning Activity: due by June 2nd at midnight The following payoff table shows cost for a decision analysis problem with two decision alternatives and three states of nature State of nature Decision alternative Si S2 S3 dl 200 160 170 d2 180 195 If the decision maker estimates the following probabilities for the three states of nature; P(S1) = 0.2, P(S2) = 0.3 and P(s3) = 0.5 210 (0) Find the best decision to be made. Include the risk profile associated with your choice. Find the expected value of perfect information. If the probability info were not available, what decision would have been best according to the conservative approach? (iii)