Question 1 Question 1 a) (6 marks) Decision making is one of the key skills of successful engineering managers. Distinguish between the Classical (rational) model and the Administrative (behavioural) model of decision making Explain all terms used b) Anna Smith, an Operations Manager in a distribution hub, has (12 marks) developed a table of conditional values for the various alternatives (stock level decisions) and states of nature (level of market demand). See table Q1b below. Table Q1b States of nature (Level of market demand) Alternatives High Average Low Large inventory 22,000 10,000 - 3,000 Average inventory 15,000 12,000 6,000 Small inventory 10,000 6,000 5,000 i)Draw a decision tree for the problem above. ii)Determine the appropriate decision under uncertainty using: Maximax Maximin Equally likely iii)If the probabilities associated with the states of nature are 0.3 for a high level of demand, 0.5 for an average level of demand, and 0.2 for a low level of demand, determine: The alternative that provides the greatest expected monetary value (EMV) The expected value of perfect information (EVPI) . c) (7 marks) Three particular skills separate time management success from failure. (Dierdorff, Harvard Business Review, 2020). Outline these three skills and provide an example of one activity that can improve each skill