Question: explain all steps in full detail please Problem 3. Lawson's Department Store faces a buying decision for a seasonal product for which demand can be

explain all steps in full detail please

Problem 3. Lawson's Department Store faces a buying decision for a seasonal product for which demand can be high, medium or low. The purchaser for Lawson's can order 1 one, two, or three lots of the product before the season begins but cannot reorder later. Profit projects (in thousands of dollars) are shown as follows: The probabilities for the sates of nature are 0.3,0.3, and 0.4, respectively. (a) What is the best alternative if the conservative approach is used? (b) What is the best alternative under the minmax regret approach? (c) Find the best alternative using the expected value approach. (d) Calculate the value of perfect information

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