Imаgine yоur firm is deciding whether tо lаunch а new prоduct. If you are working full-time, use your actual company. If you are a four-plus student, use a firm in the industry that you plan to enter upon graduation. Internal analysis suggests there is a 40% chance the product becomes a hit and generates $10 million in profit, a 35% chance it produces modest results worth $2 million, and a 25% chance it flops and the firm loses $4 million. Walk through how you would use expected value to frame this launch decision, then critique the limitations of relying on the expected value alone. Discuss the two types of decision errors the firm could make here (launching a product that fails versus killing a product that would have succeeded) and explain which error is more costly in your specific industry and why. Also discuss what you could do, before committing fully, to get a more accurate estimate of those probabilities, and whether the cost of doing so is justified. Conclude with your recommendation.