3.3 - Decision-Making Techniques Flashcards
(11 cards)
Extrapolation
Trend line is extended to forecast future sales
Investment appraisal
Evaluation of an investment project determine worthwhile
Payback
Length of time project will take to make recover initial invest cost
Decision trees
Tool showing possible outcomes of a decision w/ the estimated probability and expected monetary value of each of these outcomes
Expected monetary rewards
Value gained from taking decision
Critical path
Tasks involved in project, could delay project
CPA
Process of planning sequence of activities in order to discover most efficient way and quickest of complete whilst ensure all stage finished
EST
How soon task can begin
Free float
Time by which task can be delayed without affect complete time
LFT
Latest time finish without affect whole
Network diagram
A chart showing order of tasks involved, contain info about times taken to complete tasks
