Formulate the problem for decision analysis. Show the decision alternatives and states of

nature, and develop a payoff table with the outcomes $($i$.$e$.,$ profit$).$

$2.$ Considering this is a decision$-$making problem under uncertainty, apply the three

strategies to analyze the problem and come up your recommendation for each strategy.

$3.$ Assume that a recent market research report predicts the market conditions with $40\%$

chance of high demand, $25\%$ of low demand, and $35\%$ of no change. Would you change

your recommendations? Why?

$4.$ Calculate the expected value of perfect information $($EVPI$).$

$5.$ Create a decision tree with the business scenario and the information from $(3.)$ to analyze

the problem and verify your recommendations.