Transcription of Chapter 3 Decision theory
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Chapter 3 Decision theory
Chapter 3 Decision INTRODUCTIOND ecision theory deals with methods for determining the optimal course ofaction when a number of alternatives are available and their consequencescannot be forecast with is difficult to imagine a situation which doesnotinvolve such decisionproblems, but we shall restrict ourselves primarily to problems occurring inbusiness, with consequences that can be described in dollars of profitorrevenue, cost or loss. For these problems, it may be reasonable to consideras the best alternative that which results in the highest profit or revenue,or lowest cost or loss, on the average, in the long run.
Chapter 3 Decision theory 3.1 INTRODUCTION Decision theory deals with methods for determining the optimal course of action when a number of alternatives are available and their consequences
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