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answer with explanation SCENARIO 5 Irfan owns a piece of land and he needs to decide whether to build bungalows or condominium on it- He

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SCENARIO 5 Irfan owns a piece of land and he needs to decide whether to build bungalows or condominium on it- He also has the option of selling the land with a prot of RM 2 million. The probability of favourable market is 0.7 and the probability of poor market is 0.5- If the market is favourable, bungalows will bring a prot of RM 5.5 million while condominiums will bring him a prot of RM 5 million. Unfavorable market, on the other hand will result in a loss of RM 2.5 million for bungalows and RM 2-2 million for condominiums- Before a decision is made, he had the opportunity of conduction a customer survey at a cost of RM 0.1 million that has a 0-7 probability of giving positive result and 0.3 probability of showing a negative result. The probability of favourable market given a positive result is 0.8 and the probability of unfavourable market given a negative survey result is 0.7. Required to: (3) Construct a decision nee diagram

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