QUESTION 2 A Project Manager has just completed the first phase of an assignment. At the moment the Manager has two courses of action open to him - to go on to the second and final phase, or to start an entirely new project. If the Manager chooses to go for the second phase, it will cost him $3,000 and his chances of making a good return are 60:40. If he is successful in securing a good return after the completion of the project, the Manager could either start an entirely new project or make do with the returns. Keeping with returns, will yield outcome of low, medium or high and the respective profits/losses would be (S200,000), $1,000,000 and $2,000,000. These outcomes have probabilities of 0.20,0.30 and 0.50 respectively. If the Manager is not successful in securing a good return, he could still decide to stay on the second and final phase or alternatively start a new project. The new project would lead to losses of S6,000 in opportunity cost terms). If at any point, the Manager goes into a new project, there will be a net gain of $500. All the financial values have been discounted to the present. REQUIRED a. Draw a Project Decision Tree (PDT) to represent the above scenario. b. Discuss whether the Manager should undertake the second and final phase or start an entirely new project