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Game theory in business

Game theory is a mathematical method that allows you to model and study the optimal organization set of tactics and strategies.
Game theory is a mathematical method that allows you to model and study the optimal organization set of tactics and strategies. The main benefit of such modeling can be considered the presence of a visual scheme for assessing multi-variable situations. The result of modeling is not just a strategic decision, but a set of elaborated operational decisions that the company plans to take. The model can be built in a stochastic form (the required values will be displayed in ranges, taking into account the probabilities and the confidence interval).

Decision Tree tool is used to simulate various scenarios. It allows you to analyze the probability and cost of each decision, and subsequent options of the future events development taking into account the opportunities and risks. For simulating game theory you can use Precision Tree program.

Key questions worth answering in game theory:
1. Players
2. Elections
3. Consequences
4. Uncertainties
5. Benefits

The company receives following benefits:
1. Scenarios Visualization
2. Possible consequences assessment
3. Optimal decision chain determination
4. Modeling and sensitivity analysis
5. Identifying the level of risk

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Business