CEE 5980 Introduction to Decision Analysis Assignment # 3 Due Oct 5 REED 2 a) Draw the decision tree. What option should you choose based on expected value? (4 points) b) A consulting geologist has a patent on a test to determine the likelihood that there are minerals present on your land. The probability of the test returning HIGH given minerals present is 0.?6. The probability of the test returning HIGH given no minerals present is 0.12. The consultant will charge $0.5M for the test. Structure a decision tree. What decision should you make based on expected value? (10 points) c) Bonus: What is the expected value of perfect information with respect to the presence of minerals? Compare to the expected value in Part a. (1 point)