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

Linear programming, . A paper mill produces two grades of paper viz., X and...

. A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y paper

Explain system control and security tools, 1. Explain the effects that MIS,...

1. Explain the effects that MIS, DSS, CRM and ERP have on organizational communication and decision making to increase productivity and efficiency in an increasingly competitive bu

Introduction to Operations research, discuss applications and scope of oper...

discuss applications and scope of operations research in diverse areas.

#title.industry, scope of operation research in insutry and defence

scope of operation research in insutry and defence

Linear Programming, b. A paper mill produces two grades of paper viz., X an...

b. A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y pape

Demerits - correlation regression analysis, Demerits a.It cannot  be ...

Demerits a.It cannot  be used in  the case  of  bi variate distribution. b.If the  numbers  of items  are greater than say  30, the calculation becomes  tedious  and  requ

Sope, sope of operations research in a detailed manner

sope of operations research in a detailed manner

Determine the weekly demand and lead time, Family Application specialises i...

Family Application specialises in selling major appliances for use in kitchen remodelling.  One of its more popular items is the SubZero refrigerator.  Over the past 40 weeks, the

Demands of logic and objective procedure, The scientific methods is thus ...

The scientific methods is thus based on certain basic postulate which can be stated as under: a. It relies on empirical evidence: b. It utilizes relevant concepts;

Assumption of f- test- hypothesis testing, Assumption of F- Test The  ...

Assumption of F- Test The  theoretical assumption on which  F test  is based are: 1.The populations for  each sample must  be normally  distributed  with  identical  mean

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