Question: The decision tree is easily developed from a payoff table. One is provided to you below for this assignment. The following payoff table shows the

The decision tree is easily developed from a

The decision tree is easily developed from a payoff table. One is provided to you below for this assignment. The following payoff table shows the profit for a decision analysis problem with two decision alternatives and three states of nature. Use the table to answer the assignment questions that are listed just below the table. 1. Construct a decision tree for this problem. 2. If the decision maker knows nothing about the probabilities of the three states of nature, what is the recommended decision using optimistic, conservative, and minimax regret approaches? 3. What other applications, problems, or opportunities could you use a decision tree to solve? Provide at least two examples with detail of how you would set up the decision trees

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