Question: Please solve it complete within 1 hour I will upvote you question #3: [ 6 marks] Even though Valentine's Day is one month away, Bud's

Please solve it complete within 1 hour I will upvote you
question #3: [ 6 marks] Even though Valentine's Day is one month away, Bud's Flower Shop must now decide how many roses to have its supplier deliver on the morning of Febru- ary 14. For simplicity, Bud is considering only two order quantities, which he refers to as small and large. In past years, Bud has observed that his profits are heavily dependent on the Valentine's Day weath- Based on historical records of the weather on Valentine's Day, Bud has made the following proba- bility assessments: er. Rainy Cloudy Sunny Valentine's Day Weather Probability 0.6 0.3 - 0.1 (It never snows.) Bud has also made the following estimates: - If he places a small order, his profit will be -$500 if it is rainy, $500 if it is cloudy, and $2000 if it is sunny If he places a large order, his profit will be -$2500 if it is rainy, $1000 if it is cloudy, and $5000 if it is sunny. @) Construct an appropriate payoto matrix. (b) using the minimax regret criterion, identify the optimal decision. State the regret matrix. c) riseng He expected value (Ev) criterion d) using Pole expected regret criterion identify the optimal decision identify the optimal decision . (C) using parts (a) and (), compute the epected value of perfect information (EVPI)Step by Step Solution
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