b. Using Expected Monetary Value criterion, select the best decision. Select an answer v c. Find the expected value with perfect information. EVWPI = l | d. Determine the expected value of perfect information. EVPI = l l e. Please interpret EVPI. O EVPI is the minimum amount the company would pay for additional information 0 EVPI is the usual amount the company would pay for additional information 0 EVPI is the maximum amount the company would pay for additional information 0 EVPI is the average amount the company would pay for additional information The owner of the Humber North Fashion Company must decide among mass producing 100,000 turtle neck sweaters, designing and producing 10,000 new gala dresses, or leasing their production facilities to another company. The profit that will result from each alternative will be determined by whether material costs remain stable, increase moderately, or increase significantly. The specialists calculated the likelihood for each possible level of material costs. In the payoff table below the estimated profit/losses are given in $thousands. Material Costs Moderate Significant Stable Increase Increase Turtle 1900 300 -2350 Necks Gala Decision 1820 1020 -150 Dresses Leasing 500 850 900 Probability of State 0.3 0.5 0.2 of Nature a. Compute the expected monetary value for each decision: EMV(Turtle Necks) = EMV(Gala Dresses) = EMV (Leasing) =