Examlex
Decision making is the process of defining problems and choosing a course of action from among alternatives.
High Demand
A condition in which the need or market request for a product or service surpasses usual or anticipated levels.
Decision Tree Analysis
A graphical representation used to make decisions, showing different outcomes based on various choices and chance events.
Bellman's Principle
A decision-making principle stating that an optimal policy has the property that, regardless of the initial state, the remaining decisions must constitute an optimal policy with regard to the state resulting from the first decision.
Optimal Strategy
The best course of action, developed through planning and analysis, to achieve maximum effectiveness or profitability.
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