Southland Corporation's decision to produce a new line of recreational products resulted in the need to construct either a small plant or a large plant. The best selection of plant size depends on how the marketplace reacts to the new product line. To conduct an analysis, marketing management has decided to view the possible long-run demand as low, medium, or high. The following payoff table shows the projected profit in millions of dollars: Long-Run Demand Plant Size Low Medium High Small 450 500 500 Large 350 500 800 (a) What is the decision to be made, and what is the chance event for Southland's problem? The decision is to choose ---Select--- v . There are |? | alternatives. The chance event is ---Select--- v . There are |? | possible outcomes.(a) What is the decision to be made, and what is the chance event for Southland's probler The decision is to choose Select- There are ? v Select- (b) Construct an influence dia the market demand for the new product line of 1 MB.) the best plant size(a) What is the decision to be made, and what is the chance event for Southland's problem? The decision is to choose -Select- v . There are|?Y alternatives. The chance ev ? (b) Construct an influence diagram. (Submit a file with a maximum size of 1 MB.) DAWN Choose File No file chosen(b) Construct an influence diagram. (Submit a file with a maximum size of 1 MB.) Choose File No file chosen This answer has not been graded yet. (c) Construct a decision tree. (Submit a file with a maximum size of 1 MB.) Choose File No file chosen This answer has not been graded yet.(d) Recommend a decision based on the use of the optimistic, conservative, and minimax regret approaches The recommended decision using the apt st' approach ' using the minimax regret approach is . (d) Recommend a decision based on the use of the optimistic, conservative, and minimax regret approaches. The recommended decision using the optimistic approach is -Select- The recommended decisio using the minimax regret approach is -Select- Select- to select the small plant to select the large plant