Suppose that the values in the payoff table represent costs instead of profits
a. Determine the choice that you would make under each of these strategies : maximin, minimin, and Laplace.
b. Develop the regret , and identify the alternative chosen using minimax regret, Then find the EVPI if P(new bridge) =.60.
c.Using sensitivity analysis , determine the range of P(no new bridge) for which each alternative would be optimal.
d. If P(new bridge) =.60 and P(no new bridge) =.40, find the alternative chosen to minimize expected cost.