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DECISION-MAKING
Decision-Making as a
Management Responsibility
Decision Making
What is a Problem?
A problem exist when there is a difference
between an actual situation and a desired
situation.
Analyze the Environment
Identify the constraints in both external and
internal Environments.
Evaluate Alternatives
After determining the viability of the alternatives
and a revised list has been made, an
evaluation of the remaining alternatives is
necessary. This is important because the next
step involves making a choice.
Evaluate Alternatives
- How the alternatives will be evaluated will
Make a Choice
- Choice making refers to the process of
selecting among alternatives representing
potential solutions to a problem.
- Rank alternatives from best to worst on the
basis of some factors like benefit, cost or risk.
Implement Decision
- Implementation refers to carrying out the
decision so that the objectives sought will be
achieved
- To make implementation effective, a plan
must be devised.
Inventory Models
Queuing Theory
Network models
Forecasting
Regression Analysis
Simulation
Linear Programming
Sampling Theory
Statistical Decision Theory
Inventory Models
Queuing Theory
Mathematical modelling of waiting lines, whether of
people or things. It aims to estimate if the available
resources is sufficient to meet the anticipated
demand over a given period.
Network Models
Breaking down a complex project into its
components (activities, events, durations, etc.) and
plotting them to show their interdependencies and
inter-relationships.
Network Models
Forecasting
Regression Analysis
Simulation
Linear Programming
Sampling Theory