Decision Making is an management approach and process of selecting the most logical choice from the available options to create the best situation.br />
Making decisions is a common thought process within modern management. Every professional or manager makes hundreds of decisions in the challenging environment where he or she works.
It is an important process because he or she has to determine both organizational and managerial activities and priorities, based on their time, resources and other influential variables.
Decisions on management level are important because they often are related to business activities, organizational functioning and business goals. There have been lots of scientific and practical studies on the process from a learning point of view.
What are the most known and used models and methods? What are their success stories and practical tips when you apply these? These posts are all about great theories, methods and famous tools and can help you to achieve your goal or understand certain aspects of made decisions.
The Vroom Yetton Jago Decision Model is a model for decision-making that’s based on situational leadership. The model can be used by everyone, irrespective of rank or position and helps to choose the right management style in various decision situations.
Linear programming is a mathematical method to determine the optimal scenario. The theory of linear programming can also be an important part of operational research. It’s frequently used in business, but it can be used to resolve certain technical problems as well.
The Monte Carlo Simulation is a computer-operated technique in which a physical process is not simulated once, but many times. This way, possible risks in quantitative analysis and decision making come to light.
Paired Comparison Method is a handy tool for decision making; it describes values and compares them to each other. It’s often difficult to choose the best option when you have different ones that are far apart.
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