ANSWER IN DETAIL 

Question 1:

You have been asked to use decision tree analysis with EMV to assess the risk in selecting among three different projects, each with unique expenses, risks, and expected monetary outcomes, with estimates shown below:

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Probability/Outcome Complete Success Probability/Outcome Partial Success Project 1 20% / $60,000 40% / $50,000 Project 2 15% / $75,000 55% / $35,000 Project 3 10%/$150,000 20% / $75,000 Probability/Outcome Complete Failure 40% /$65,000 30% / $70,000 70% / $80,000 Probability/Outcome Complete Success Probability/Outcome Partial Success Project 1 20% / $60,000 40% / $50,000 Project 2 15% / $75,000 55% / $35,000 Project 3 10%/$150,000 20% / $75,000 Probability/Outcome Complete Failure 40% /$65,000 30% / $70,000 70% / $80,000