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Please use Excel and show steps!! Greentrop Pharmaceutical Products are the world leader in the area...

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Statistics

Please use Excel and show steps!! Greentrop PharmaceuticalProducts are the world leader in the area of sleep aids. Its majorproduct is “Dozealot”. The Research-and-Development Division hasdefined two alternatives to improve the quality of the product.These alternatives are simple reformulations of the product tominimize the side effects and to improve the product efficacy. Toconduct an analysis, management has decided to consider thepossible demands for the drug under each alternative. The followingpayoff table shows the projected profit in millions of dollars.Ifthe decision maker knows nothing about the probabilities of threestates of nature, what is the recommended decision using theoptimistic, conservative, and minimax regret approaches?

Demand
Decision AlternativesLowMediumHigh
d1$500$350$525
d2$875$300$765

Answer & Explanation Solved by verified expert
4.2 Ratings (499 Votes)
ANSWERIn the problem two quality improvment products d1 andd2 can be maufactured Each of them will face three differentevironment viz low medium and high The demand are shown indollar Based on given figures following decision tree has beendevelopedAnswer b If probabilities of each alternatives areknown then decision maker can calculate expected value todetermine optimum product But when probabilties are not known hehas to apply different methods of taking decision    See Answer
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