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See problem 8 from Chapter 5 (Page 131). Select the best alternative based o expected value (with given probabilities - decision under risk), then assume probabilities are not known (decision under uncertainty) and select the best alternative based on the maximax, maximin, equally likely, and minimax regret methods. . 5-8 Your company has proposed to produce a component for an automobile plant, but it will not have a decision from that plant for six months. You estimate the possible future states and their probabilities as follows: Receive full contract (N, with probability p = 0.3); receive partial contract (N2, p2 = 0.2); and lose award (no contract) (N, P3 = 0.5). Any tooling you use on the contract must be ordered now. If your alternatives and their outcomes (in thousands of dollars) are as shown in the following table, what should be your decision? N 2 3 A (Full tooling) +800 +400 -400 A 2 (Minimum tooling) +500 +150 -100 A 3 (No tooling) -400 -100 0