A Decision Tree Is Used Instead of a Payoff Table

question 3

Multiple Choice

A decision tree is used instead of a payoff table when

• A)there are more than 3 states of nature
• B)there are more than 3 decision payoffs
• C)the decisions situation encompasses and extended time period
• D)a sequence of decisions is required

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Definitions:

Raw Materials

Basic substances in their natural, modified, or semi-processed states used as inputs for production.

Distribution

The process of making goods or services available to consumers through various channels.

Downstream Activity

Processes in the supply chain that occur after the production phase, such as distribution, marketing, and sales to the end consumer.

SCM

Supply Chain Management, the handling of the entire production flow of a good or service — from the raw components all the way to delivering the final product to the consumer.