Describe Decision Trees, Including How They Can Be Useful and How

question 84

Essay

Describe decision trees, including how they can be useful and how they can be risky.

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Definitions:

Standard Deviation

A statistical metric that quantifies the dispersion or spread of a dataset relative to its mean, indicating consistency or variability.

Echelon Inventory

The stock held across different stages of the supply chain, considering the inventory at all levels together.

Cycle Inventory

Cycle Inventory refers to the portion of inventory available in a warehouse or storage that is held to meet the regular sales demand.

Safety Inventory

Extra stock kept on hand to prevent stockouts and ensure product availability despite uncertainties in demand or supply lead times.