A company must decide now which of three products to make next year to plan and order proper materials. The cost per unit of producing each product will be determined by whether a new union labor contract passes or fails. The cost per unit for each product, given each contract result, is shown in the following payoff table: Contract Outcome Product           Pass         Fail 1                     $7.50        $6.00 2                    4.00              7.00 3                    6.50                3.00 Determine which product should be produced, using the following decision criteria. a. Minimin b. Minimax

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Decision Theory in Operations Management

Decision theory, also known as the theory of choice, is a branch of statistics that deals with making decisions based on the probability of the occurrence of an event. The chief purpose of decision theory is to identify the best course of action for the company with maximum payoffs.