Decision making - operation research, Operation Research

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.

Posted Date: 3/20/2013 3:55:43 AM | Location : United States







Related Discussions:- Decision making - operation research, Assignment Help, Ask Question on Decision making - operation research, Get Answer, Expert's Help, Decision making - operation research Discussions

Write discussion on Decision making - operation research
Your posts are moderated
Related Questions
Q2. Six Operators are to be assigned to five jobs with the cost of assignment in Rs. given in the matrix below. Determine the optimal assignment. Which operator will have no assign

source code in c available?

After testing the model and its solution the next step of the study is to establish control over the solution by proper feedback of the information on variables which deviated

Discuss the methodology of operation research

Institutional Characteristics:  An approach to an understanding of the fields of interest of individuals to be served and of the organisation as a whole could begin by acquiri

NARROWING THE RESEARCH PROBLEM You have read how from a general topic we have arrived at the definition of the problem to be studied. Now we have to narrow it down furthe

on which basis we take value in time out time in column?

Maximize Z= 3x1 + 2X2 Subject to the constraints: X1+ X2 = 4 X1 - X2 = 2 X1, X2 = 0 on..

A company manufactures 2 kinds of hats. Each hat of the I type needs twice as much as labour time as the II type. The company can manufacture a sum of 500 hats a day. The market re

Discuss the methodology of operation research