Please answer e and f The director of career advising at Orange Community College wants to use decisionanalysis to provide information to help students decide which 2-year degree programthey should pursue. The director has set up the following payoff table for six of themost popular and successful degree programs at OCC that shows the estimated 5-yeargross income ($) from each degree for four future economic conditions:Economic ConditionsDegree ProgramRecessionAverageGoodRobustGraphic designNursingReal estate145,000175,000220,000260,000150,000205,000215,000320,000180,000115,000165,000220,000Medical technology130,000180,000145,000210,000280,000305,000Culinary technologyComputer informationtechnology115,000235,000125,000150,000190,000250,000Determine the best degree program in terms of projected income, using the followingdecision criteria:a. Maximaxb. Maximinc. Equal likelihoodd. Hurwicze. The director of career advising at Orange Community College has paid a small fee to alocal investment firm to indicate a probability for each future economic condition over thenext 5 years. The firm estimates that there is a .20 probability of a recession, a .40probability that the economy will be average, a .30 probability that the economy will begood, and a .10 probability that it will be robust. Using expected value determine the bestdegree program in terms of projected income. If you were the director of career advising,which degree program would you recommend?f. Develop a decision tree, with expected values at the probability nodes.2.

Answered: ector of career advising at Orange…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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