Decision Analysis Notes This is a operations research question. Please take your time when answering the questions no rush and explain the answer so I can better understand The notes are stored on Google Drive and Dropbox Link 1 https://drive.google.com/file/d/1-tw7C-vl7jW59JLZsmMSsRyktcUJQDxv/view?usp=drivesdk Link 2 https://www.dropbox.com/scl/fi/h21kn6h8d259zk7c0pxx9/Decision-Analysis-Notes-2-1-1.pdf?rlkey=0jgvr9h2hkfo1eyiojtq64aku&dl=0 Link 3 https://toffeeshare.com/c/EeY8uSN9QW

Question 5 The owner of Tastee Patties is considering three options for a facility next year. She can expand her current shop, move to a larger facility, or make no change. With a favourable market, the annual payoff would be $56000 if she expands, $70000 if she moves, and $30000 if she does nothing. With an average market, her payoff will be $21000, $35000, and $10000 respectively. With an unfavourable market, her payoff will be -$29000, -$45000, and $5000 respectively. Tastee Payoff Table Payoffs are Profits States of Nature (Market) Decision Favourable Average Unfavourable Alternatives Expand $56,000 $21,000 -$29,000 Move $70,000 $35,000 -$45,000 No Change $30,000 $10,000 $5,000 a. Which option should the owner choose if he uses the LaPlace criterion? b. Using a maximax approach, what alternative should the owner choose? C. If the probability of a favourable market is 25%, the probability of an average market is 45%, and the probability of an unfavourable market is 30%. Using EMV, what option should the owner choose and what is that optimal expected value? d. What is the most the owner would be willing to pay for additional information? Use Minimum Expected Regret (Minimum EOL) e. Use the alternative method to verify EVPI