You have the following payoff table for a decision analysis problem. Payoffs are in

units of thousands of dollars of profit.

a$.$ Which decision alternative would you choose using an optimistic approach?

b$.$ Which decision alternative would you choose using a conservative approach?

c$.$ Which decision alternative would you choose using the Minimax Regret

approach?

For parts $d$ and $e,$ assume that $P(s_1)=0\mathrm{.}2,P(s_1)=0\mathrm{.}3,$ and $P(s_3)=0\mathrm{.}5.$

d$.$ Which decision alternative would you choose using the EV approach?

e$.$ What would be the value of perfect information?