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Use the following payolf table to complete parts (a) through (j). The probability of event 1 is 0.20 , the probability of event 2 is 0.70 , and the probability of event 3 is 0.10 . a. Determine the oplimal action based on the maximax criterion. Action is the optimal action based on the maximax critorion because its payolt is the of all the actions. b. Determine the optimal action based on the maximin criterion. Action Is the optimal action based on the maximin criterion because its payoff is the of all the actions. c. Compute the expected monetary value (EMV) for each action. EMV(A)=$EMV(B)=$EMV(C)=$ (Simplify your answers.) d. Compute the expected opportunity loss (EOL) for each action. EOL(A)=$EOL(B)=$EOL(C)=$ (Simplify your answers.) (Simplify your answers.) e. Explain the meaning of the expected value of perfect information (EVPI) in this problem. Choose the correct answer below. A. The EVPI is the expected payoff that the company will receive with perfect information. B. The EVPI is the value that the company should expect to pay for perfect information. C. The EVPI value provides a guideline for a lower bound on how much to consider paying for better information. D. The EVPI value provides a guideline for an upper bound on how much to consider paying for better information. f. Based on the results of (c) or (d), which action would you choose? Select action because it has the expected monetary value and the expected opportunity loss of all the actions. g. Compute the coefficient of variation for each action. CVA=%ICVB=%CVC=% (Rowind to none derimal nlace as neerlod) h. Compute the return-to-risk ratio (RTRR) for each action. Select the correct choice below and, if necessary, fill in the answer box to complete your choice. A. RTRR(A)= (Round to three decimal places as needed.) B. There is no solution. Select the correct choice below and, if necessary, fill in the answer box to complete your choice. Select the correct choice below and, if necessary, fill in the answer box to complete your choice. A. RRTR(C)= (Round to three decimal places as needed.) B. There is no solution. i. Based on (g) and (h), what action would you choose? A. Select action A because its coefficiont of variation is low and its rotum-fo-risk-ratio is high. Although action B has the lowest coefficient of variation, its return-to-risk-ratio is undefined; it is best to compare both the coeflicient of variation and the return-to-risk-ratio. B. Seloct action C because its coefficient of variation is the lowest of all the actions and its return-lo-risk-ratio is the highest of all the actions. C. Select action B because its coefficient of variation is low and its return-lo-risk-ratio is high. Although action A has the lowest conflicient of variation, its return-to-risk-ratio is undefined; it is best to compare both the coefficient of variation and the return-to-risk-ratio. j. Compare the results of (f) and (i) and explain any differences. Choose the correct answer below. A. The choice of action C is made consistently in both ( f ) and (i). B. The choice of action B is made consistently in both (f) and (i). C. The choice of action C in (f) is made because its expected monetary value is the highest of all the actions. The choice of action B in (i) is made because its coefficient of variation is low and its return-to-risk-ratio is high. D. The choice of actionst is made consistently in both (f) and (i). Use the following payolf table to complete parts (a) through (j). The probability of event 1 is 0.20 , the probability of event 2 is 0.70 , and the probability of event 3 is 0.10 . a. Determine the oplimal action based on the maximax criterion. Action is the optimal action based on the maximax critorion because its payolt is the of all the actions. b. Determine the optimal action based on the maximin criterion. Action Is the optimal action based on the maximin criterion because its payoff is the of all the actions. c. Compute the expected monetary value (EMV) for each action. EMV(A)=$EMV(B)=$EMV(C)=$ (Simplify your answers.) d. Compute the expected opportunity loss (EOL) for each action. EOL(A)=$EOL(B)=$EOL(C)=$ (Simplify your answers.) (Simplify your answers.) e. Explain the meaning of the expected value of perfect information (EVPI) in this problem. Choose the correct answer below. A. The EVPI is the expected payoff that the company will receive with perfect information. B. The EVPI is the value that the company should expect to pay for perfect information. C. The EVPI value provides a guideline for a lower bound on how much to consider paying for better information. D. The EVPI value provides a guideline for an upper bound on how much to consider paying for better information. f. Based on the results of (c) or (d), which action would you choose? Select action because it has the expected monetary value and the expected opportunity loss of all the actions. g. Compute the coefficient of variation for each action. CVA=%ICVB=%CVC=% (Rowind to none derimal nlace as neerlod) h. Compute the return-to-risk ratio (RTRR) for each action. Select the correct choice below and, if necessary, fill in the answer box to complete your choice. A. RTRR(A)= (Round to three decimal places as needed.) B. There is no solution. Select the correct choice below and, if necessary, fill in the answer box to complete your choice. Select the correct choice below and, if necessary, fill in the answer box to complete your choice. A. RRTR(C)= (Round to three decimal places as needed.) B. There is no solution. i. Based on (g) and (h), what action would you choose? A. Select action A because its coefficiont of variation is low and its rotum-fo-risk-ratio is high. Although action B has the lowest coefficient of variation, its return-to-risk-ratio is undefined; it is best to compare both the coeflicient of variation and the return-to-risk-ratio. B. Seloct action C because its coefficient of variation is the lowest of all the actions and its return-lo-risk-ratio is the highest of all the actions. C. Select action B because its coefficient of variation is low and its return-lo-risk-ratio is high. Although action A has the lowest conflicient of variation, its return-to-risk-ratio is undefined; it is best to compare both the coefficient of variation and the return-to-risk-ratio. j. Compare the results of (f) and (i) and explain any differences. Choose the correct answer below. A. The choice of action C is made consistently in both ( f ) and (i). B. The choice of action B is made consistently in both (f) and (i). C. The choice of action C in (f) is made because its expected monetary value is the highest of all the actions. The choice of action B in (i) is made because its coefficient of variation is low and its return-to-risk-ratio is high. D. The choice of actionst is made consistently in both (f) and (i)