2. There is a gate valve at the outlet of a dam which because of its age warrants a decision on whether to do repair, replacement, or nothing at this time. There are three types of problems which could develop, with different costs associated with each. Diagram this in a decision tree and recommend the lowest cost alternative. Show your calculations to receive credit. Valve part Seat Stem and gate Body Probability of valve part failure Repair No maintenance or replacement 0.6 0.5 0.4 0.4 0.3 0.2 Replace valve 0.3 0.2 0.1 The cost to repair the valve now is $10,000 and the cost to replace now is $20,000 Present worth cost of part failure (x $1000) $10 $20 $30