Quantitative Analysis and Managerial Decisions in an Organization

Quantitative Analysis and Managerial Decisions in an Organization
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Quantitative Analysis and Managerial Decisions in an Organization
Decision tree analysis is a critical decision-making tool for managers and employs a structured nonparametric strategy to solve problems. Managers use the tool to evaluate and compare the different options and their results to arrive at the most competitive alternative. Therefore, the decision tree analysis is crucial when dealing with such strategic issues as operations management, project selection, production method, or cost management (Koch et al., 2013). The process of conducting a decision tree analysis involves defining the decision making issue, developing a rough decision tree with all probable outcomes, filling in relevant data on the decision tree with credible values, deciding and assigning payoffs for every likely outcome, an...