Suppose a decision maker faced with four decision alternatives and four states of nature develops the profit-payoff table shown as follows:

a. If the decision maker knows nothing about the chances or probability of occurrence of the four states of nature, what decision would be indicated by the maximax, maximin, and minimax-regret criteria?
b. Which decision criterion do you prefer? Explain. Should the decision maker establish the most appropriate decision criterion before analyzing the problem? Explain.
c. Assume the payoff table provides cost, rather than profit, payoffs. What is the recommended decision using the optimistic, conservative, and minimax-regret decision criteria?

Decis S d1 d2 d3 d4 State of Nature s1 2 3 s4 14 9 05 11 10 87 9 10 10 11 8 10 11 13