Decision making - operation research, Operation Research

Assignment Help:

Decision making is not only the headache of management rather all of us make decisions. We daily decide about minor issues. The essential characteristics of all decisions are:

1. Objective

2. Alternative at the disposal and

3. Influencing factors

Once these characteristics are known one can think of improving the characteristics so as to improve upon the decision itself. Let us consider a situation where a decision concerns spending summer vacations at a hill resort. The next problem may be to decide the mode of conveyance from amongst the alternatives train bus and a taxi.

At the first level of decision making, bus is chosen as the mode of conveyance just by intuition ( may be at random). At the second level of decision making the three conveyances are compared and it is decided qualitatively that the bus will be preferred since it is less time consuming compared to the train and cheaper as compared to taxi. At the third level of decision making the three alternative are compared and it is suggested that the bus will be chosen as it will be taking only half the time taken by train and shall be 40 % less costlier than the taxi.

Although outcome of all these decisions is the same one can easily judge the quality of each decisions. We many brand the first decision as bad since it is highly emotional while we may call the second decision as good since it is scientific though qualitative. The third decision is doubtlessly the best as it is scientific as well as quantitative.


Related Discussions:- Decision making - operation research

Research and development - information generation process, Research and Dev...

Research and Development: All intellectual activities consciously pursued and systematically completed generate useful information. Research (also Research and Development) is

Duality, Write a note on economic interpretation of dual?

Write a note on economic interpretation of dual?

Deweys principle - information resources, Dewey's Principle: Melvil De...

Dewey's Principle: Melvil Dewey's principle states: "The best reading for the largest number at the least cost" According to this principle a library should select, within the

Functions and objects of statistical average , Normal 0 false...

Normal 0 false false false EN-IN X-NONE X-NONE

Concept of reporting entity, Briefly discuss the concept of Reporting Entit...

Briefly discuss the concept of Reporting Entity in SAC 1 How asset is defined and recognised under the AASB Framework? Silver Developers Ltd is a property development company

Pay-off matrix , In a rectangular game, pay-off matrix of player A is as fo...

In a rectangular game, pay-off matrix of player A is as follows: Player B B1 B2 Player A A1 A2 i) Solve the game. ii) Write down the pay-off matrix of B and th

Necessity of operations research, After having studied as to what is op...

After having studied as to what is operations research we shall now try to answers why its need has been felt by the industry. As already tainted out science of OR came

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd