Read chapter 3 Case Study Toledo Leather Company (listed under Discussion Questions and Problems on page 107).
Decision theory is an analytical and systematic approach to studying decision making. Since managers may make decisions every day (sometimes under uncertain and risky environments), they can benefit from being familiar with the concepts of decision theory. When managers make decisions under uncertainty or in a risky environment, decision tables can be constructed to compute how likely their decisions are going to be beneficial to the business organizations. When managers are faced with making significant decisions, decision trees could help – especially when one decision must be made before other decisions can be made.
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