Heuristic decision making


Assignment:

  1. Consider how you would make the quarterly ordering decision without using optimization techniques. This is called heuristic decision making - meaning it is an approximation.
  2. Discuss where heuristic decision making might be better than using Optimization. What are the benefits v costs? In other words, when is it not cost effective to spend the additional time and money to obtain the Optimum solution?

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Business Management: Heuristic decision making
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