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Lesson 9.1 Decision Theory with Unknown State Probabilities

Lesson 9.1 Decision Theory with Unknown State Probabilities. Decision Theory. Most management decisions are made in an environment of uncertainty. Decision theory provides a orderly way of choosing among several alternative strategies when decisions are made under uncertainty or risk.

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Supplement S2

Supplement S2. Decision Analysis. To Accompany Russell and Taylor, Operations Management, 4th Edition , ? 2003 Prentice-Hall, Inc. All rights reserved. Decision Analysis. A set of quantitative decision-making techniques for decision situations where uncertainty exists. Decision Making.

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Lesson 9.1 Decision Theory with Unknown State Probabilities

Supplement S2