TWIN SAVE would like to open a second store and must decide on the size of the store. The annual returns will depend on both the size of the shop and a number of marketing factors related to the retail industry After careful analysis, the management team have developed the following table. Values are in Rands. Size of Shop Small Medium Large Very Largo Probability Good Market 32,000 72.000 96.000 256.000 0.30 Fair Market 16,000 32.000 40.000 28,000 Poor Market -16,000 -24.000 -40.000 -144,000 0.40 0.30 (5) Realism (a=0.7) EMV 1.1 Complete the table below (use 0 decimal places) Size of Maxmax Maximin Equally Shop likely Small Medium Large Very Large 1.2 What is the Maximax decision? 1.3 What is the Maximin decision? (1) 1.4 What is the Equally likely decision? 9 (1) 1.5 What is the criterion of Realism decision? (1) 1.6 Complete the Opportunity loss table below. (4) Good Market Fair Market Poor Market Minimax Size of Shop Small Medium Large Very Large 1.7 (1) What is the Minimax regret decision? What is the EVPI? 1.8 (2)