What kind of decisions are appropriate for decision-analysis

Reference no: EM131523629

Question: Many decisions are simple, preprogrammed, or already made. For example, retailers do not have to think long to decide how to deal with a new customer. Some operations research models provide "ready-made" decisions, such as finding an optimal inventory level using an orderquantity formula or determining an optimal production mix using linear programming. Contrast these decisions with unstructured or strategic decisions, such as choosing a career or locating a nuclear power plant. What kinds of decisions are appropriate for a decision-analysis approach? Comment on the statement, "Decision making is what you do when you don't know what to do." (For more discussion, see Howard 1980.)

Reference no: EM131523629

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