decision has been made to perform certain repairs on the outlet works of a small dam. For a particular - Inch gate valve. There are three available Alternatives: Of the valve is replaced; the probability of a failure of valve seats, over the life of the Project is 30%; the of failure of the valve stem is 20%; and of failure of the valve body is 10%. If the valve is repaired; the probability of a failure of valve seats, over the life of the project is 40%; the of failure of the valve stem is 30%; and of failure of the valve body is 20%. If the valve is left as it is; the probability of a failure of valve seats, over the life of the project is 60 %, probability of failure of the valve stem is 50%; and of failure of the valve body is 40%. The present worth of cost of future repairs and service disruption of failure of the seats is $10,000; the of the cost of a failure of stem is $20,000; and The present worth of cost of a failur of the body $30,00; repairing the valve now is $10,000; and replacing it is $20,000 If the criterion is to minimize expected costs, which alternative is best? Explain in deatil