7. The director of career advising at Rutgers wantto use decision analysis to provide information to help studentsdecide which degree program they should pursue. The director hasset up the following payoff table for 6 of the most popular andsuccessful degree programs at RU that shows the estimated(projected) 5-year gross income that an average student graduatingwith each degree for 4 future economic conditions can expect:

		Economic	Conditions
Degree Program	Recession	Average	Good	Robust
Nursing	115000	155000	190000	180000
Law	140000	175000	200000	220000
Finance	95000	150000	180000	250000
Computer Programming	120000	140000	150000	170000
Information Systems	85000	120000	150000	180000
Music and Theater	60000	80000	100000	100000

Determine the best degree program (a decision under uncertainty)in terms of the projected income, using the following decisioncriteria:

• Maximax
• Maximin
• Equal Likelihood
• Minimax Regret
• Hurwicz with ? = .25

If further it has been determined that the probability of eachfuture economic condition is given by:

p(recession)=.45, p(average)=.35, p(good)=.15, p(robust)=.05.  

Use expected value to determine the best degree program (adecision under risk presuming equally likely futures) in terms ofprojected income. If you were the director of career advising whichdegree program would you recommend (in particular, do you agreewith optimizing the expected payoff or some other criteria)?