The recent COVID 19 chaos in Hong Kong has triggered Mr. K. Kwong, an entrepreneur, to consider investing in a local surgical mask manufacturing plant. Mr. K. Kwong's problem is to decide how large his plant should be. The annual returns will depend on both the size of his plant and a number of marketing factors related to the health situation of the Hong Kong society. After a careful analysis, Mr. K. Kwong developed the following payoff table: Size of plant Good market ($) Fair market ($) Poor market (S) Small 120,000 50,000 -20,000 Medium 250,000 100,000 -50,000 Large 300,000 80,000 - 100.000 Very Large 400,000 40,000 - 200.000 For example, if Mr. K. Kwong constructs a small plant and the market is good, he will realize a profit of $120,000. * Remarks: No need to include the "Do Nothing" option in decision table and decision tree a) Develop a decision table. (4 marks) b) What is the maximax decision? (1 mark) c) What is the maximin decision? (1 mark) d) What is the equally likely decision? (1 mark) e) Assume each outcome is equally likely, i. Develop a decision tree with the expected monetary value (EMV) (5 marks) ii. Calculate the expected value of perfect information (EVPI) (2 marks) f) Mr. K. Kwong set up the plant finally after a few months. He starts the production line and wants a better understand its capability. Last week the plant produced 120,000 pieces of mask and the effective capacity is 130,000 pieces. The production line operates 6 days per week, with two 8-hours shifts per day. The line was designed to process the mask at a rate of 1,500 pieces per hour. Determine the design capacity, utilization and efficiency for this plant when producing masks. (3 marks) g) Later on, Mr. K. Kwong wants to increase production volume of masks due to a fourth wave of COVID 19 infections. To meet this sudden demand, he will be adding another production line. The second line has the same design capacity and the same effective capacity (130,000 pieces) as the first line. However, new staffs will be operating the second line. Quality problems such as damage of ear strap are expected to reduce output on the second line to 100,000 pieces (compared to 120,000 pieces on the first). Determine the new utilization and efficiency for the masks production after adding the second line