Greentrop Pharmaceutical Products are the world leader in the area of sleep aids. Its major product is "Dozealot". The Research-and-Development Division has defined two alternatives to improve the quality of the product, which are simple reformulations of the product to minimize the side effects and to improve the product efficacy. To conduct an analysis, management has decided to consider the possible demands for the drug under each alternative. The following payoff table shows the projected profit in millions of dollars.
a. Construct a decision tree for this problem.
b. If the decision maker knows nothing about the probabilities of three states of nature, what is the recommended decision using the optimistic, conservative, and minimax regret approaches?
Definitions:
Dissociative Disorder
A mental health condition that involves a disconnection and lack of continuity between thoughts, memories, surroundings, actions, and identity.
Anxiety Disorder
A mental health disorder characterized by excessive fear, worry, or dread, leading to impairment in daily functioning.
Phobic Disorder
An anxiety disorder characterized by an extreme and irrational fear of an object, place, or situation that poses little to no actual danger.
Histrionic Personality Disorder
A psychological disorder characterized by a pattern of excessive emotionality and attention-seeking behaviors.
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