In the following example an IT firm is considering whether an Infrastructure Renovation project should consider a large scale redevelopment, a small scale development or do nothing. The IT firm's payoff for each decision is shown in the colu right. Payoff = 2.1 M p3 High Return 1.6 M investment) Payoff = 17M P2 Medium Return Large Scale Redevelopment DeLow Return Payoff = 12 M Payoff = 8M P5 High Return Infrastructure Update -(.5 M investment) Small Scale Development Payoffs 3M p=.5 Low Return Leave As Is PL Payoff OM Calculate the EMV for each option. Based on your analysis, which option would you recommend