1. What are four common probability distribution used for studying stochastic processes? You should recognize them based on type of their graphs.   2. Broken processes are the results of what? 3. What are the advantages of business process analysis?

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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.