Assume you are faced with the following decision alternatives and two states of nature. The probability of the occurrence of state of nature 1 is 0.35. The payoff table is shown below: 
a.Determine the expected value of each alternative and indicate which decision alternative is the best.
b.Determine the expected value with perfect information about the states of nature.
c.Determine the expected value of perfect information.
Definitions:
Activity Identifiers
Unique labels or codes assigned to specific tasks or activities within a project for tracking and management purposes.
Project Schedules
Detailed plans that outline the tasks, durations, dependencies, and resources needed to complete a project within a specified timeframe.
Contingency Time
A reserve time added to a project's schedule to account for potential unforeseen delays.
Late Start Dates
The latest possible dates by which an activity within a project can begin without delaying the project completion.
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