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Problem 2 (21 marks in total). Lawson's Department Store faces a buying decision for a seasonal product for which demand can be high, medium or low. The purchaser for Lawson's can order one, two, or three lots of the product before the season begins but cannot reorder later. Profit projects (in thousands of dollars) are shown as follows: The probabilities for the sates of nature are 0.3,0.3, and 0.4 , respectively. (a) (2 marks) What is the best alternative if the conservative approach is used? (Please, show your steps.) (b) (3 marks) What is the best alternative under the minmax regret approach? (Please, show your steps and calculations:) (c) (3 marks) Find the best alternative using the expected value approach. (d) (3 marks) Calculate the value of perfect information. At each preseason sales meeting, the vice president of sales provides a personal opinion regarding potential demand for this product. Because of the vice president's enthusiasm and optimistic nature, the predictions of market conditions have always been either "excellent" (E) or "very good" (V). Probabilities are as follows: P(E)=0.70;P(s1E)=0.34;P(s1V)=0.20P(V)=0.30;P(s2E)=0.32;P(s2V)=0.26;P(s3E)=0.34;P(s3V)=0.54. (e) (5 marks) Build the decision tree corresponding to the full problem, considering the market conditions - under the vice president predictions. (f) (3 marks) What is the best alternative if the market conditions are excellent? Very good? (Please, show your steps.) (g) (2 marks) What is the optimal decision strategy