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

Help, A paper mill produces two grades of paper viz., X and Y. Because of r...

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 i

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

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

Characteristics of scientific research, Horton and hunt have given follow...

Horton and hunt have given followings nine characteristics of scientific method: 1. Verifiable evidence i e, factual observations which other observers can see and check

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

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 i

LPP, . A paper mill produces two grades of paper viz., X and Y. Because of ...

. 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

Plz get the ans , #questioA paper mill produces two grades of paper viz., X...

#questioA 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

Overview of writing research proposal, Overview of Writing Research Proposa...

Overview of Writing Research Proposal It may be written in words of the researcher or as answers following the guidelines provided by the sponsoring organization. A review of

the simplex method, In large sized linear programming problems, the ...

In large sized linear programming problems, the solution cannot be obtained by the graphical method and hence a more systematic method has to be developed to find

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