The following table is used for the questions below: This table shows the risk assessment of a new product project. Each strategy requires a different sum of money to be invested and produces a different profit payoff as shown below: State of nature Partial success Complete success 20K A 10K Strategy Complete failure (-40K) (-30K) (-80K) B (-10K) 0 40K 70K Question 1: 5 points If the project manager is a pessimist, what strategy should be taken? What strategy should be taken if the project manager wants to minimize the maximum regret? 4 ENGG8104 Question 2: 5 points Assume that the probabilities for each state are 25 percent, 50 percent, and 25 percent, respectively. Using the concept of expected value: What are expected values of strategy A, B and C:. What strategy should be taken? Question 1: 5 points If the project manager is a pessimist, what strategy should be taken? What strategy should be taken if the project manager wants to minimize the maximum regret? 4 ENGG8104 Question 2: 5 points Assume that the probabilities for each state are 25 percent, 50 percent, and 25 percent, respectively. Using the concept of expected value: What are expected values of strategy A, B and C: What strategy should be taken