Examlex
Management by exception directs management's attention to important differences between the actual and the budgeted amounts.
Simulation
The process of creating a model of a real-world system or process to study its behavior under various conditions without affecting the actual system.
Evaluating Decisions
The act of assessing the outcomes and implications of decisions made, often to learn from them and inform future decisions.
Decision Trees
A decision support tool that uses a tree-like model of decisions and their possible consequences, including chance event outcomes, resource costs, and utility.
Uncertainty of Demand
The unpredictability associated with the future demand for a product or service, making planning and forecasting challenging.
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