Hudson Corporation is considering three options for its data processing operation: Option 1 continue with its own staff, Option 2 hiring an outside vendor, and Option 3 using a combination of its own staff and outside vendor. The profit of the overall operation depends on future demand. The annual profit resulting from each option (in thousands of dollars) is given in the following payoff table. Demand Staffing options High Medium Low Own staff 650 650 600 Outside vendor 900 600 300 Combination 800 650 500 DO NOT USE THE EXCEL TEMPLATE FOR THIS QUESTION. IF EVIDENCE OF TEMPLATE USE (INADEQUATE EXPLANATION) IS FOUND FOR ANY OF THE FOLLOWING QUESTIONS, NO CREDIT WILL BE AWARDED. a. (8 points) If the probabilities of high, medium, and low demand are 0.2, 0.5, and 0.3 respectively, which decision alternative will you recommend and why? b. (5 points) Compute the expected value of perfect information (EVPI). How do you interpret the EVPI estimate as a decision-maker? c. (5 points) If demand probabilities were unknown, which staffing option would you recommend to Hudson Corporation using the (i) maximax, and (ii) maximin criteria? Explain why? d. (7 points) Construct the Regret or Opportunity Loss table and determine the best staffing option using the minimax regret criterion. Assume demand probabilities were unknown. Show your work clearly.