Develop an influence diagram for the following problem. Fantastic Displays, a small technology company, is developing a new display technology that, if successful, could be used to provide low cost, large screen televisions. Fantastic must decide if they should continue to invest in the development of this technology. They have applied for a patent but they are uncertain if they will be awarded the patent. If they are not awarded the patent, they might have to cancel the R&D project. If they are awarded the patent, they could sell the company, license the technology, or develop and market the product. They face technology and market uncertainties. They are uncertain about the quality of the new display. Furthermore, they believe that the license fees, price for the company, and demand for the TVs will depend on the quality of the new display.

1. Identify the decision nodes, chance nodes, constants, calculated nodes, and the value node.

2) Develop an influence diagram HINTS: Draw a timeline across the bottom of the diagram. Order the nodes in approximate time sequence, e.g., Market will be known before NPV. Then, add the arrows.

3) Suppose you decide to do a technical test and a market survey. Modify your influence diagram to incorporate a technical test and a market survey. HINT: Think about the timing of each. The purpose is to receive the test or survey information before a decision.