This question refers to an example in the book Production/Operations Management by Willam J. Stevenson. The example involves a capacity-planning problem in which a compeny must choose to bulld a small, medium, or large production facility. The payoff obtained will depend on whether future demand is low, moderate, or high, and the payoffs are as glven in the following table: Alternatives Deall tacility Mediun facllity Large taeility Ponslble Puture Donand Moderate 911 Low 911 High 11 6 14 *Present value in $ millions. Suppose that the company assigns prior probabilities of 3, 5, and 2 to low, moderate, and high demands, respectively. (a) Find the expected monetary value for each alternative (amall, medium, and large) (Round your answers to 1 decimal place. Enter your answers In millons.) Maximum payoff for each altérnative: EMVISmal) EMVIMedium) EMVILarge) M M M (b) Whet is the best alternative if we use the expected monetary value criterion? Dest aernative

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