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A plant manager considers the operational cost per hour of five machine Jalternatives. The cost per hour is sensitive to three potential weather conditions: cold,

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A plant manager considers the operational cost per hour of five machine Jalternatives. The cost per hour is sensitive to three potential weather conditions: cold, mild, and warm. The following table represents the cost of the operations per hour for each alternative-state of nature combination. Assume that for a randomly selected day, there is a 30% probability of cold weather, 50% probability of mild weather, and 20% probability of warm weather. What is the EVPI? States of Nature Weather related cost per hour Alternatives Cold cost/day Mild cost/day Warm cost/day Machine 1 $50 $40 Machine 2 $42 S47 Machine 3 Machine 4 Machines $45 $45 $40 $60 $45 $35 S25 $40 S54 $48 $45 Select one: a $1.6 b.$3.2 56,6 d. 55,8

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