. An offshore-wind company is considering undertaking an expansion project. If all goes well the project will cost Million dollars, however there is a 20% chance that the project will run over budget and cost $28 Million dollars. You have the option to conduct an additional bathymetric surveys and geotechnical analysis that you estimate will reduce the risk of a cost overrun to 15%. These tests will cost cost $1 million dollars million dollars. a) Create a decision tree detailing your choice b) Calculate the expected values associated with i) proceeding with the project without conducting the survey, ii) proceeding with the project if the survey is conducted. c) What is the value of information of the bathymetric surveys and geotechnical analysis? d) Should you conduct the survey?

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