Question

In: Math

Decision Alternatice S_1 S_2 S_3 S_4 D_1 14 9 10 5 D_2 11 10 8 7...

Decision Alternatice

S_1

S_2

S_3

S_4

D_1

14

9

10

5

D_2

11

10

8

7

D_3

9

10

10

11

D_4

8

10

11

13

  1. State and use the average payoff strategy to choose the best decision
  2. State and use the aggressive strategy to choose the best decision
  3. State and use the conservative strategy to choose the best decision
  4. State and use the opportunity loss strategy to make the best decision
  5. Suppose the decision maker obtains information that enables the following probabilities assessments: P(s_1) = 0.5; P(s_2) = 0.2; P(s_3) = 0.2; and P (s_4) = 0.1. use the expected value approach to determine the optimal strategy

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