Garden Brook Center made decision to produce a newer line of gardening products resulted in the need to construct either a small, medium or a large plant. The best selection of plant size depends on how the marketplace reacts to the new product line. To conduct an analysis, marketing management has decided to view the possible long-run demand as low (L), medium (M), or high (H). The following payoff table shows the projected profit in millions of dollars: conduct an analysis, marketing management has decided to view the possible long-run demand as low (L), medium (M), or high (H). The following payoff table shows the projected profit in millions of dollars:

Plant Size

Small L - 100 M - 140 H - 200

Medium L - 220 M - 350 H - 500

Large L - 250 M - 400 H 650

Based on the data respond to the following question:

1. What is the decision to be made, and what is the chance event for Garden Brooks problem?
2. Construct a decision tree.
3. Recommend a decision based on the use of the optimistic, conservative, and mini-max regret approaches.
4. Provide additional analysis of what you would recommend to management.