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

Validity of the model - operation research model, Deriving the Solution fro...

Deriving the Solution from the Model: This phase is devoted to the computation of those value of decision variables that maximize or minimize the objective function. Such

Optimization , A company uses 4 pounds of resource 1 to make each unit of X...

A company uses 4 pounds of resource 1 to make each unit of X1 and 3 pounds of resource 1 to make each unit of X2. There are only 150 pounds of resource 1 available. Which of the fo

Chi square test for the population variance, Chi square Test for the Popula...

Chi square Test for the Population variance When we want  to test that  a random  sample  has been  drawn  from  a normal  population having specified variance then X2 statist

Inventory models - techniques of operations research, Inventory models deal...

Inventory models deal with the problem of determination of how much to order at a point in time and when to place an order. The main objective is to minimize the sum of three

Essentials of a good scientific methods, Requisites of a Good Scientific Me...

Requisites of a Good Scientific Methods The essentials of a good scientific methods as summed up by the advisory committee on economic and social research of the council of

Stepping stone method, This is a  procedure of determining  the potential i...

This is a  procedure of determining  the potential if any for improving each  of the non basic variables in terms of the objective function. To determine  this  potential  each of

Environmental demands, Problem 1 Explain the key elements, which contri...

Problem 1 Explain the key elements, which contribute to a sound and effective strategy. >>Explanation of following elements Market Consumers Competition Skil

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