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 Alternatives | Low | Medium | High |
| d1 | $500 | $350 | $525 |
| d2 | $875 | $300 | $765 |
