Question: Please solve Problem 3 correctly Problem 3: Sandvik Manufacturing Co. is considering developing and marketing a new product. It is estimated to be twice as
Problem 3: Sandvik Manufacturing Co. is considering developing and marketing a new product. It is estimated to be twice as likely that the product would prove to be successful as unsuccessful. If it were successful, the expected profit would be $1,500,000. If unsuccessful, the expected loss would be $1,800,000. A marketing survey can be conducted at a cost of $300,000 to predict whether the product would be successful. Past experience with such surveys indicates that successful products have been predicted to be successful 80 percent of the time, whereas unsuccessful products have been predicted to be unsuccessful 70 percent of the time. Construct the decision tree for this problem and identify the optimal policy
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