Given is a decision payoff table and a Sub Decision Payoff Table. Use Minimax Regret as an evaluation criterion to evaluate alternatives.     Future Demand   Alternatives Low Moderate High Small Facility 14 12 13 Medium Facility -1 17 23 Large Facility -5 11 29   Alternatives Worst Regrets Small Facility ? Medium Facility ? Large Facility ?   a) The worst regrets for alternative Small Facility is    b) The worst regrets for alternative Medium Facility is    c) The worst regrets for alternative Large Facility is    d) The best course of action or decision by using Minimax Regret is to select (           ) facility

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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.