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.