This is a operations research question. Please take your time when answering the questions no rush and explain the answer so I can better understand The notes are stored on Google Drive and Dropbox Link 1 https://drive.google.com/file/d/160psVOhb8pHL26CqNYJBJAIymMJCngpy/view?usp=drivesdkLink 2https://www.dropbox.com/s/vh2mm7lhngrfxtw/Question%203%202019.pdf?dl=0

Question 3 The managers of 'Upscale' Promotions Ltd. need to decide regarding the venue to use for the launch of their existing new product line. They have developed a payoff table for three locations: Altamont, Blaze and Coast; and have also identified three states of nature (the crowd response / turn-out) Large, Moderate and Low: Payoffs are Profits Crowd Response (State of Nature) Locations Large Moderate Low Altamont 750 370 -75 Blaze 650 410 20 Coast 600 450 120 A. What decision should "Upscale" managers make if the maximax criterion is used? B. What decision should "Upscale" managers make if the maximin criterion is used?. C. What decision should "Upscale" managers make if the LaPlace criterion is used? D. Using the Hurwicz criterion with a = 0.65, what decision should "Upscale" managers make? E. Using a minmax regret approach, what decision should "Upscale" managers make? F. If the probability of getting out a large crowd is 43%, the probability of getting out a moderate size crowd is 22%, and the probability of getting out a small crowd is 35%. Using expected monetary values, what decision should be made and what is that optimal expected value? G. Construct the appropriate decision tree to help "Upscale" managers make the appropriate decisions. This tree must be constructed in logical order with labels and net payoffs. H. What is the most that "Upscale" managers should be willing to pay to obtain further (perfect) information (EVPI) concerning the actual crowd turnout? I. State clearly the steps a decision maker should take when making an important decision for his/her organization