The alternatives 1 and 2 in the following payoff table represent the two possible manufacturing strategies that the EKA manufacturing company can adopt.The level of demand affects the success of both strategies.The states of nature (SI)represent the levels of demand for the company products.S1,S2,and S3 characterize high,medium,and low demand respectively.The payoff values are in thousands of dollars. 
The management believes that the weather conditions significantly affect the level of demand.48 monthly sales reports are randomly selected.These monthly sales reports showed 15 months with high demand,28 months with medium demand,and 5 months with low demand.12 of the 15 months with high demand had favorable weather conditions.14 of the 28 months with medium demand had favorable weather conditions.Only 1 of the 5 months with low demand had favorable weather conditions.Based on this information,the prior probabilities have been revised.If the weather conditions are favorable,P(S1)= .4286,P(S2)= .5357,and P(S3)= .0357,and if the weather conditions are poor,P(S1)= .1364,P(S2)= .6818,and P(S3)= .1818.It is also determined that the probability of favorable weather is 0.56 and the probability of poor weather is 0.44.
Carry out a preposterior analysis and using the revised probabilities,determine the expected monetary value when the weather conditions are favorable and determine the expected monetary value when the weather conditions are poor.
Definitions:
Alternative Option
A different choice or course of action that is available to individuals or organizations.
Zero-Sum Game
In game theory, a scenario where the gain or loss of one player is precisely offset by the losses or gains of the other players.
Positive-Sum Game
is a situation in economics or game theory where all participants can gain or profit in some way, in contrast to a zero-sum game.
Negative-Sum Game
A situation in game theory where the participants' total losses outweigh their total gains, often resulting in a net loss shared by all participants.
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