0.60 , and 0.30 for the worst-case, base-case, and best-case scenarios, respectively. consultant's fee, are included. (a) What decision should the town make using the expected value approach? EV(Small) EV(Medium) EV(Large) The best decision is to build a ( | community center. (b) Construct risk profiles for the medium and large alternatives (Submit a file with a maximum size of 1 MB.). Choose File no file selected Cengage Problem .png This answer has not been graded yet. Given the mayor's concern over the possibility of losing money and the result of part (a), which alternative would you recommend? small-size center medium-size center large-size center (c) Compute the expected value of perfect information. EVPI = Do you think it would be worth trying to obtain additional information concerning which scenario is likely to occur? The town should not consider additional information about the likelihood of the three scenarios. The town should consider additional information about the likelihood of the three scenarios. EV( Small) EV(Medium) EV(Large) What effect, if any, would these changes have on the decision recommendation? The best decision is to build a community center. scenario to 0.4 . (Remember to subtract the cost of the promotional campaign from the expected value.) EV(Small) EV(Medium) EV(Large) The best decision is to build a community center. Compared to the analysis in part (d), is this a good investment? It is a good investment as the risk of loss is not eliminated. It is not a good investment as the risk of loss is not eliminated. It is a good investment as the risk of loss is eliminated. It is not a good investment as the risk of loss is eliminated