A manufacturing company must decide whether to manufacture a component part. The consulting profit is dependent upon the demandfor the product. The following show the projectedprofit( in thousands of dollars).

Low demand	Medium demand	High demand
Decision Alternative	S1	S2	S3
Manufacture, d1	-20	40	100
Purchase, d2	10	45	70

P(S1)= 0.35

P(S2)=0.35

P(S3)=0.3

1) use EVPI to determine whether the company should attempt to obtain a better estimate of demand.

2)A market study of the potential demand for the product is expected to report a favorable (F) or unfavorable (U) condition

P(F|S1)=0.1

P(F|S2)=0.4

P(F|S3)=0.6

what is the probability that the market research report will be favorable?

3)what is the expected value of sample information (EVSI)?

Please only type answer on word document