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a 5.(20 pts) Glenn Foreman president of Oceanview Development Corporation is considering submitting a bid to purchase property that will be sold by sealed-bid auction at a county tax foreclosure. Glenn's initial judgment is to submit a bid of $5 million. Based on his experience, Glenn estimates that a bid of $5 million will have a 0.2 probability of being the highest bid and securing the property for Oceanview. The current date is June 1. Sealed bids for the property must be submitted by August 15. The winning bid will be announced on September 1. If Oceanview submits the highest bid and obtains the property, the firm plans to build and sell a complex of luxury condominiums. However, a complicating factor is that the property is currently zoned for single- family residences only. Glenn believes that a referendum could be placed on the voting ballot in time for the November election. Passage of the referendum would change the zoning of the property and permit construction of the senior living care townhomes, The sealed-bid procedure requires the bid to be submitted with a certified check for 10% of the amount bid. If the bid is rejected, the deposit is refunded. If the bid is accepted, the deposit is the down payment for the property. However, if the bid is accepted and the bidder does not follow through with the purchase and meet the remainder of the financial obligation within six months the deposit will be forfeited. In this case, the county will offer the property to the next highest bidder To determine whether Oceanview should submit the SS million bid Glenn conducted some preliminary analysis. This preliminary work provided an assessment of 0.3 for the probability that the referendum for a zoning change will be approved and resulted in the following estimates of the costs and revenues that will be incurred if the condominiums are built: Costs and Revenue Estimates Revenue from condominium sales $15,000.000 Costs Property Construction expenses $5.000.000 58,000,000 If Oceanview obtains the property and the zoning change is rejected in November, Glenn believes that the best option would be for the firm not to complete the purchase of the property In this case, Oceanview would forfeit the 10% deposit that accompanied the bid Because the likelihood that the zoning referendum will be approved is such an important factor in the decision process, Glenn suggested that the firm hire a market research service to conduct a survey of voters. best option would be for the firm not to complete the purchase of the property. In this case, Oceanview would forfeit the 10% deposit that accompanied the bid Because the likelihood that the zoning referendum will be approved is such an important factor in the decision process, Glenn suggested that the firm hire a market research service to conduct a survey of voters. The survey would provide a better estimate of the likelihood that the referendum for a zoning change would be approved. The market research firm that Oceanview Development has worked with in the past has agreed to do the study for $15,000. The results of the study will be available August 1, so that Oceanview will have this information before the August 15 bid deadline. The results of the survey will be a prediction either that the zoning change will be approved or that the zoning change will be rejected. After considering the record of the market research service in previous studies conducted for Oceanview, Glenn developed the following probability estimates concerning the accuracy of the market research information: Actual Voting Predicted Approved Not Approved Approved 0.9 Not Approved 0.2 0.8 0.1 This means if the actual voting is approved the prediction will be "Approved" with probability 0.9 and "Not Approved" with probability 0.2. If the actual voting is not approved the prediction will be "Approved" with probability 0.2 and "Not Approved" with probability 0.8. With "Final Question 5.xlsx" file: (1) Develop a decision tree that shows the logical sequence of the decision problem This means if the actual voting is approved, the prediction will be Approved" with probability 0.9 and "Not Approved with probability 0.2. If the actual voting is not approved the prediction will be "Approved" with probability 0.2 and "Not Approved" with probability 0.8. With Final Question 5.xlsx" file: (1) Develop a decision tree that shows the logical sequence of the decision problem. (2) Determine your recommendation regarding what Oceanview should do if the market research information is not available (3) What is the decision strategy that Oceanview should follow if the market research is conducted? (4) What's your recommendation as to whether Oceanview should employ the market research firm, along with the value of the information provided by the market research firm? Property Purchase Strategy Worm. for the locals are given in the weston Costs Property cost Construction Expo Toral Control Cost of market research Buyer'ruleations Probsoficom od Ned unch Probability of Hestid Prior bability NO Posterior probabieg prediction Actual Predicted Approved Apored Not Aprel Sum check Net Pongerendum og Probably Approved hot Aproved Probabilities that indicate the of the medias Actual Predicted Approved Approved Not Approved Not Aeroved