solve the given question by using the decison theory template given in the question and upload excel file with screen shots of excel sheet

Cost Your company wants to use a supplier to supply printer paper for next year. There are three suppliers that your company can choose from and the demand for paper can either be low, medium, high, or very high. The cost under each circumstance (in $1000 s) is shown in the table below. The probability that demand is low, medium, high, and very high is respectively 0.2,0.3,0.4, and 0.1 . a) Construct a payoff matrix for this problem. b) What decision should be made if the company wants to minimize their maximum cost? c) What decision should be made if the company wants to minimize their maximum regret? d) What decision should be made according to the EMV decision rule? Part 2: Your manager found a fourth supplier. The fourth supplier has the following costs (in \$1000s) under low, medium, high, and very high demand: 14,23,30,32. e) Factoring in the fourth supplier in your analysis, which decision should be made according to the EMV decision rule? f) How much money would the supplier cost with perfect information? g) How much would the company be willing to pay to receive perfect information? Profit \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ Our goal is maximize profit: } \\ \hline \multicolumn{9}{|c|}{ Assume numbers are profit } \\ \hline \multicolumn{9}{|c|}{ 1) Make a decision bused on EMV } \\ \hline \multicolumn{9}{|c|}{ 2) Calculate EMwPI and EVPI } \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & Demand: & & & & & & & \\ \hline Decisions & Low & Med & High & Very High & EMV & EMV*= & 45 & C-D3 is best \\ \hline DI & 10 & 30 & 30 & 30 & 28 & EVwPl= & 64 & \\ \hline D2 & -10 & 40 & 50 & 50 & 42 & & & \\ \hline D3 & -50 & -10 & 40 & 100 & 45 & EVPI = & 19 & \\ \hline Probability & 0.1 & 0.2 & 0.3 & 0.4 & & & & \\ \hline & & & & & & & & \\ \hline Max Profit & 10 & 40 & So & 100 & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|c|}{ 3) Make a decision that maximires your minimum profit } \\ \hline & & & & & & & & \\ \hline Decisions & & & & & Min Profit & & & \\ \hline DI & & & & & 10 & maxmin & 10 & DI is best \\ \hline D2 & & & & & -10 & & & \\ \hline D3 & & & & & .50 & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|c|}{ 4) Make a decision that minimizes your muximum regret } \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline Regret & & & & & Max Regret & miamax & 50 & D2 is best \\ \hline D1 & 0 & 10 & 20 & 70 & 70 & & & \\ \hline D2 & 20 & 0 & 0 & so & 50 & & & \\ \hline D3 & 60 & 50 & 10 & 0 & 60 & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|c|}{ 5) Make a decision based on Expected Opporfunity Loss } \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline Regret & & & & & EOL. & EOL* = & 19 & CD3 is best \\ \hline D1 & 0 & 10 & 20 & 70 & 36 & & & \\ \hline D2 & 20 & 0 & 0 & so & 22 & & & \\ \hline D3 & 60 & 50 & 10 & 0 & 19 & & & \\ \hline \end{tabular} Cost Your company wants to use a supplier to supply printer paper for next year. There are three suppliers that your company can choose from and the demand for paper can either be low, medium, high, or very high. The cost under each circumstance (in $1000 s) is shown in the table below. The probability that demand is low, medium, high, and very high is respectively 0.2,0.3,0.4, and 0.1 . a) Construct a payoff matrix for this problem. b) What decision should be made if the company wants to minimize their maximum cost? c) What decision should be made if the company wants to minimize their maximum regret? d) What decision should be made according to the EMV decision rule? Part 2: Your manager found a fourth supplier. The fourth supplier has the following costs (in \$1000s) under low, medium, high, and very high demand: 14,23,30,32. e) Factoring in the fourth supplier in your analysis, which decision should be made according to the EMV decision rule? f) How much money would the supplier cost with perfect information? g) How much would the company be willing to pay to receive perfect information? Profit \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ Our goal is maximize profit: } \\ \hline \multicolumn{9}{|c|}{ Assume numbers are profit } \\ \hline \multicolumn{9}{|c|}{ 1) Make a decision bused on EMV } \\ \hline \multicolumn{9}{|c|}{ 2) Calculate EMwPI and EVPI } \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & Demand: & & & & & & & \\ \hline Decisions & Low & Med & High & Very High & EMV & EMV*= & 45 & C-D3 is best \\ \hline DI & 10 & 30 & 30 & 30 & 28 & EVwPl= & 64 & \\ \hline D2 & -10 & 40 & 50 & 50 & 42 & & & \\ \hline D3 & -50 & -10 & 40 & 100 & 45 & EVPI = & 19 & \\ \hline Probability & 0.1 & 0.2 & 0.3 & 0.4 & & & & \\ \hline & & & & & & & & \\ \hline Max Profit & 10 & 40 & So & 100 & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|c|}{ 3) Make a decision that maximires your minimum profit } \\ \hline & & & & & & & & \\ \hline Decisions & & & & & Min Profit & & & \\ \hline DI & & & & & 10 & maxmin & 10 & DI is best \\ \hline D2 & & & & & -10 & & & \\ \hline D3 & & & & & .50 & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|c|}{ 4) Make a decision that minimizes your muximum regret } \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline Regret & & & & & Max Regret & miamax & 50 & D2 is best \\ \hline D1 & 0 & 10 & 20 & 70 & 70 & & & \\ \hline D2 & 20 & 0 & 0 & so & 50 & & & \\ \hline D3 & 60 & 50 & 10 & 0 & 60 & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|c|}{ 5) Make a decision based on Expected Opporfunity Loss } \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline Regret & & & & & EOL. & EOL* = & 19 & CD3 is best \\ \hline D1 & 0 & 10 & 20 & 70 & 36 & & & \\ \hline D2 & 20 & 0 & 0 & so & 22 & & & \\ \hline D3 & 60 & 50 & 10 & 0 & 19 & & & \\ \hline \end{tabular}