April 2015
Beginner
480 pages
107h 32m
English
In this module, we’ll look at several decision-making tools and techniques, as well as some popular tools for managing projects.1 Specifically, we’ll introduce you to payoff matrices, decision trees, break-even analysis, ratio analysis, linear programming, queuing theory, and economic order quantity. The purpose of each method is to provide managers with a tool to assist in the decision-making process and to provide more complete information to make better-informed decisions.
In Chapter 4, we introduced you to the topic of uncertainty and how it can affect decision making. Although uncertainty plays a critical role by limiting the amount of information available to managers, ...