An entertainment company owns two amusement parks in British Columbia. It is faced with the decision of whether to open the parks in the winter. If it chooses to open the parks in the winter, it can leave the parks open during regular hours (as in the summer) or it can open only on the weekends. To some extent, the payoffs from opening the parks hinge on the type of weather that occurs during the winter season. Following are the payoffs for various decision options about opening the park for two different weather scenarios: mild weather and severe weather. Use the information to construct a decision tree. Determine the EMV and the value of perfect information.

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Open Regular Hours Decision Open Alternative Weekends Only Not Open at All State of the Weather Mild (0.75) $2,000 $1,200 -$300 Severe (0.25) -$2,500 -$200 $100