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
Consider the LP min ?? = 50??1 + 100??2 3 ??.??. 7??1+2??2=28 2??1+12??2=24 ??1,??2=0 a. A basic solution of the constraint equations of this problem has how many basic variables,

Advantages  of Mean  Deviation a.It is based on all the  observation . any  change in any  item would  change the value of mean  deviation. b.Mean  deviation  is less  aff

Considerations for Oral Reporting Sometimes  the researcher has been asked to  make an oral presentation of his  research findings he should  bear in mind a few major  conside

Periodicals and Serials: Periodical publications form an important part of today's information world. It is one of the oft chosen forms of research communication. There are ov

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


Problem 1 (Problem 23, page 507) At a machine tool plant, five jobs must be completed each day. The time it takes to do each job depends on the machine used to do the job. If a mac


Degree of  Correlation ship 1. Perfect Correlation: When  changes  in  two related variables are  exactly  proportional  there is  perfect correlation between  them. In case

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