Page Engineering designs and constructs air condition- ing and heating systems for hospitals and clinics. Currently the company's staff is overloaded with design work. There is a major design project due in 8 weeks. The penalty for completing the design late is $14,000 per week, since any delay will cause the facil- ity to open later than anticipated, and cost the client significant rev- enue. If the company uses its inside engineers to complete the design, it will have to pay them overtime for all work. Page has esti- mated that it will cost $12,000 per week (wages and overhead), including late weeks, to have company engineers complete the design. Page is also considering having an outside engineering firm do the design. A bid of $92,000 has been received for the completed design. Yet another option for completing the design is to conduct a joint design by having a third engineering company complete all electromechanical components of the design at a cost of $56,000. Page would then complete the rest of the design and control systems at an estimated cost of $30,000. Page has estimated the following probabilities of completing the project within various time frames when using each of the three options. Those estimates are shown in the following table:

Probability of Completing the Design 1 2 3 On Week Weeks Weeks Option Time Late Late Late Internal Engineers 4 .5 .1 - External Engineers .2 .4 .3 .1 Joint Design .1 .3 .4 .2 What is the best decision based on an expected monetary value cri- terion? (Note: You want the lowest EMV because we are dealing with costs in this problem.)