The Usage of Influence Diagram for Decision Making in Textiles

Abstract

Naturally, managers are frequently faced with decision making processes. The optimal solution of the decision making process rises to the for which in itself depends on the number of decision alternatives and state of the worlds which in themselves may affect the decision alternatives. The scenarios or possibilities faced in decision problem are interlaced to a graphical technique commonly refered to as decision tree to which managers confer to be guided. In this study, the influence diagram, which is similar to a decision tree but also provides room for the decision maker to include extra information about the relationships between variables, is reviewed. An example decision problem is used to show the usage of the influence diagram within the context of Textiles industry.

Ishikawa diagrams and Bayesian belief networks for continuous improvement applications

“…Er and Lezki (2015) illustrate the use of IDs in the textile industry for a luxury product in the face of an expected economic recession based on local inflation and low commercial values. Three scenarios are considered: stable economic conditions, slightly worse economic conditions, and severely negative economic conditions, and three decision alternatives, export now, export in six months, and export in 12 months, are evaluated given probability estimates of the economic scenarios.…”