suppose that a decision maker with four decision alternatives and our states of nature develops the following profit payoff table:

Determine

1. Maximax
2. Maximin
3. Minimax regret
4. Hurwicz with = 0.3
5. Expected Value with probabilities 0.2, 0.3, 0.25, 0.25
6. Expected Opportunity Loss with probabilities 0.2,0.3,0.25, 0.25 ( EOL)
7. How much is the value of perfect information (EVPI)? Note EVPI = EOL

Tegnet app 2. Suppose that a decision maker faced with four decision alternatives and four states of nature develops the following profit payoff table: State of Nature S2 S3 Decision Alternative di d2 dz ds S1 14 11 9 8 9 10 10 10 10 8. 10 11 S4 5 7 11 13