Question 2: An inventor develops a new product, having made the product he has three choices of what to do with it: (A) manufacture the product himself, (B) allow someone else to make it (royalty bases). (c) sell the right the profit which can be expected depends on the level of sales and is shown in the table (sales in $1000): (50 marks2) Alternatives Sa S S2 High sales Medium sales 0.3 0.2 Low sales Probabilities 0.5 120 110 62 Manufacture (A) Royalty (B) 90 60 100 Sell 80 (c) 80 80 (a) Calculate the Hurwicz(a=0.66) Values for all Alternatives, then choose the optimal decision to Maximize Profit (b) Find the Regret Values for all Alternatives, then choose the optimal decision to maximize Profit (c) Calculate the expected Monetary Values EMV for all Alternatives, then choose the optimal decision to Maximize Profit (a) Calculate the expected Opportunity Loss Eol Values for all Alternatives, then choose the optimal decision to maximize Profit (e) Estimate the expected Value of Perfect information (EVWPI &EVP), then determine the maximum Value that you support to pay for Perfect Information Note: Perform all your calculations on your own software then provide the answers into the following table along with your "Managerial Report) (you should scan all screens and upload in ONE-FILE) Q Method Alternative-A Alternative-B Alternative-C Optimal value Optimal decision 1 Hurwicz 2 Regret 3 EMV 4 EOL I 5 EVWPI EVPI Max value Your Comments Managerial Report: (Write Decision statement and your full Comments) Provide your analysis on each and every part