Question: Let's solve this decision problem step by step: Decision Alternatives: 1) Manufacture the component ( denoted as 2) Purchase the component (denoted as States of

Let's solve this decision problem step by step: Decision Alternatives: 1) Manufacture the component ( denoted as 2) Purchase the component (denoted as States of Nature and their Probabilities: 1) Low Demand (denoted as with 2) Medium Demand( denoted as with 3) High Demand (denoted as with Payoff Table (in $1000s): Decision/State of nature Low Demand Medium Demand High Demand Manufacture(d1) -20 40 100 Purchase(d2) 10 45 70 Step 2/3 a. Decision Tree Analysis: Expected Value for Manufacturing (: Expected Value for Purchasing Based on the decision tree analysis: Gorman Manufacturing Company should

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