Suppose that a decision maker faced with four decision alternatives and four states of nature develops the following profit payoff table.

		States of Nature
Decision Alternative	s1	s2	s3	s4
d1	5	6	11	14
d2	16	12	5	3
d3	2	4	8	24
d4	15	12	10	2

1. Please draw a decision tree to illustrate the decision problem (must have square node, circle nodes and branches).

2. If the decision maker knows nothing about the probabilities of the four states of nature, what is the recommended decision using the optimistic approach? (details are required as the example in lecture notes)?

3. What is the recommended decision using the conservative approaches (details are required as the example in lecture notes)?

4. What is the recommended decision using minimax regret approaches (details are required as the example in lecture notes)?

5. Suppose the decision maker obtained the probability assessments P(s1)=0.10, P(s2)=0.30, P(s3)=0.40, and P(s4)= 0.20. Use the expected value approach to determine the optimal decision.