A Monte Carlo simulation of a complex project has shown that in a problem 20% of instances your project could over-run its deadline incurring added cost and penalties. On average, the project profitability of these instances of over-running is a loss of 18,000. Which of the following options offers the best outcome measured solely on expected profits? 1. Do nothing 2. A redesign of the full project plan to identify time savings. Costing 7,000 and improving the outcome of the problem 20% of instances to an average loss of 4,000, and improving profitability in the rest of the outcomes by an average of 5,000. 3. Taking out an insurance product at a cost of 4,000 that would compensate specifically for the 20% of over-run instances by reducing the loss in all such instances to zero. 4. Negotiate a success fee for meeting the deadline of 12,000 and commit to an additional penalty of 50,000 in all instances of the deadline being missed