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Define Game Theory

question 63

Essay

Define game theory. What is its importance in the study of supply chain management?


Definitions:

Feedback Control

A management process involving the collection and analysis of information about a completed activity, then using that information to adjust future actions and improve performance.

Feedback Control

A process wherein adjustments are made based on the differences between the actual outcome and the desired performance.

Feedback Control

A process or system that uses feedback to regulate, control, or adjust its actions to achieve desired outcomes.

Preliminary Controls

Early measures or procedures put in place to identify potential risks and prevent future problems, ensuring that organizational objectives are achieved effectively.

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