For a given event, the payoffs for alternatives 1, 2, and 3 (the only alternatives) are 50, 125, and -50. The regret associated with alternative 1 is

Decision analysis is applied when a decision maker must choose among several certain outcomes.

The efficiency of sample information is

The outcome that results from a specific decision alternative and the occurrence of a particular state of nature

A decision criterion where the decision maker chooses the alternative that is characterized by the greatest profit of each alternative is: