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Decision theory is a systematic approach to making decisions under conditions of uncertainty, risk, or complexity. It provides a structured framework to evaluate alternative courses of action by considering possible outcomes, probabilities, and associated payoffs. The objective of decision theory is to help managers choose the most rational and beneficial course of action by analyzing the consequences of different decisions. It integrates concepts from statistics, probability, and optimization to support managerial decision-making, particularly in situations where the outcomes are uncertain and resources are limited. Decision theory is widely applied in areas such as production planning, inventory control, financial ________ __________ _______ ______ ___ _____ ___ _________.
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