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

CORE TECHNOLOGY TO WATCH IN FUTURE, AI TECHNOLOGY''S CURRENT AND POTENTIAL ...

AI TECHNOLOGY''S CURRENT AND POTENTIAL FUTURE APPLICATIONS

Microforms and photographs - classification of documents, Photographs and I...

Photographs and Illustrations: Photographs and illustrations are documents which provide a visual or pictorial representation of a person, place or situation which words fail

LPP, A paper mill prouduces two grads of paper viz., X and Y. Becouse of ra...

A paper mill prouduces two grads of paper viz., X and Y. Becouse of raw material restriction, it cannot product more then 400 tons of grade X paper and 300 tons of grade Y paper in

Short question, write down any two assumption of L.P

write down any two assumption of L.P

Queuing theory, A certain type of machine breaks down at an average rate of...

A certain type of machine breaks down at an average rate of 5/hour. the break down is in accordance with Poisson process.cost of idle machine hour is $15/hour. 2 repairmen Peter an

Determine capacity of unit, Show simple vapour compression Refrigeration cy...

Show simple vapour compression Refrigeration cycle with showing all the devices and also draw T-sand P-R diagram and illustrate it also. A Bell-Coleman cycle works between 1 bar

Mode of presentation - report writing presentation, Mode  of Presentation...

Mode  of Presentation A strategy  needs to be  chalked out for  a satisfactory  rendering of the  topic. The  man oeuvres are going  t vary  with a  change in the  manner  of

Why the dual formulation?, Dual formulation is done for a number of r...

Dual formulation is done for a number of reasons. The solution to a Dual problem provides all essential information about the solution to the Primal problem. A so

Cpm/pert, how to make an attractive assignment

how to make an attractive assignment

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