The research director of XYZ Pharmaceutical Laboratory has to decide about one of the three influenza vaccines (P1, P2 and P3) which should be funded for mass production. Payoffs depend upon the type of influenza outbreak (s1, s2, 53, 54) that is most pervasive in the next year. The condition matrix with profit (in millions of rupees) is given below: Courses of Action States of Nature P1 P2 P3 S1 10 8 -15 S2 12 12 S3 0 -5 8 S4 -2 -10 8 The director's did a lot of research and came out with the following probability judgments': P(51) = 0.2 P (52) = 0.2 P (53) = 0.5 P (54) = 0.1 a) What are the expected values of each vaccine that could be earned by the lab and hence which vaccine should be selected? (Marks: 4) b) What is the Expected Value of Perfect Information here? (Marks: 3) c) Can you represent the entire problem in the form of a Decision Tree? (Marks: 3) d) Now imagine a situation where all the type of influenza outbreaks are very new to the world and hence the best course of action is also not known as no previous data is available about the outbreaks. Are the courses of actions chosen by the Pharmaceutical Lab same if the research director has a pessimistic outlook as against an optimistic outlook? (Marks: 5) e) What would be the course of action chosen if he had a rational approach instead? (Marks:5) The research director of XYZ Pharmaceutical Laboratory has to decide about one of the three influenza vaccines (P1, P2 and P3) which should be funded for mass production. Payoffs depend upon the type of influenza outbreak (s1, s2, 53, 54) that is most pervasive in the next year. The condition matrix with profit (in millions of rupees) is given below: Courses of Action States of Nature P1 P2 P3 S1 10 8 -15 S2 12 12 S3 0 -5 8 S4 -2 -10 8 The director's did a lot of research and came out with the following probability judgments': P(51) = 0.2 P (52) = 0.2 P (53) = 0.5 P (54) = 0.1 a) What are the expected values of each vaccine that could be earned by the lab and hence which vaccine should be selected? (Marks: 4) b) What is the Expected Value of Perfect Information here? (Marks: 3) c) Can you represent the entire problem in the form of a Decision Tree? (Marks: 3) d) Now imagine a situation where all the type of influenza outbreaks are very new to the world and hence the best course of action is also not known as no previous data is available about the outbreaks. Are the courses of actions chosen by the Pharmaceutical Lab same if the research director has a pessimistic outlook as against an optimistic outlook? (Marks: 5) e) What would be the course of action chosen if he had a rational approach instead? (Marks:5)