Question: 4. Decision Theory. Discuss the statement (with detailed reference to decision making theory in operations management) The quality of a decision cannot be judged on

4. Decision Theory. Discuss the statement (with detailed reference to decision making theory in operations management) The quality of a decision cannot be judged on the basis of the outcomes that are observed. It must fairly be judged on the information available to the decision maker at the time and the likelihood of each of the unknown states of nature that lays before them.

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