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    Decision Analysis for Production with Uncertain Demand

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    Please help with the following problem:

    I would like to know how decision analysis could be used to solve a business problem in an organisation you have worked in or that interests you. Describe a decision tree and tell me how a tool such as this can be utilized to improve decision making.

    © BrainMass Inc. brainmass.com November 30, 2021, 6:43 am ad1c9bdddf
    https://brainmass.com/business/operations-research/decision-analysis-production-uncertain-demand-577856

    Solution Preview

    Problem: Describe a decision tree and tell me how a tool such as this can be utilized to improve decision making.

    Solution: The organization I work for makes machine tools such as lathes, milling machines, and shaping machines. Decision analysis can be used to solve problems related to the company where I work. One common problem that occurs is the selection of production items when the demand forecast is uncertain. The technique that can be used is ...

    Solution Summary

    The solution explains the concept of decision analysis and applies it to the problem of production with uncertain demand in their real-world company, using a decision tree. It also describes what a decision tree is. The explanation is given in 239 words with references.

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