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Category: Business and Industry
Date Submitted: 01/11/2015 05:23 AM
Introduction to Decision Making
Course Description
This course deals with analysis of decision-making
situations in business environment using probabilities, inventory, forecasting, linear programming, and structured linear programming as applied in business processes. This course will equip the students with the necessary skills and knowledge of the different Management Science/Operation Research techniques, which will develop their decision-making capabilities. Completion and mastery of the course is a great tool in decision making for future business executives.
Course Outline
Introduction Probability and Probability Distribution Decision Analysis Utility and Game Theory Forecasting Linear Programming Transportation and Assignment Problems Inventory Models Waiting Line models Simulation
Over View (Need for Good Decision)
Managers
A Manager Should Be a Good Decision Maker
Success
Increasing competition Changing markets Changing customers requirements More complex business environment Complex information needs and system Increased uncertainty Larger error costs
Problem Solving and Decision Making
Problem solving can be defined as the process of identifying a difference between the actual and the desired state of affairs and then taking action to resolve the difference.
Over view (Decision Making Process)
SCIENTIFIC METHOD OF SOLVING PROBLEM
Observation Define the Problem Formulation of Hypothesis Experimentation
Verification
Over view (Decision Making Process)
Qualitative Analysis Decision Making
Structuring the Problem
Define the problem Identify the alternatives Determine the criteria
Analyzing the Problem
Evaluate the alternatives Choose an alternative
Quantitative Analysis
Evaluate the results
Implement the decision
Qualitative analysis is based primarily on the manager’s judgment and experience; it includes the manager’s intuitive “feel” for the problem and is more an...