In most of the decision-making situations faced by the strategy makers, a series of alternatives is available. Each alternative has some consequence depending on the occurrence or non-occurrence of some future variable or condition. These future variables or conditions (states of nature) may be anything like the action of a competitor, the state of the economy, the state of the [...]
Decision making has following distinct phases:- 1. Defining the Problem 2. Analysing the Problem 3. Developing Alternative Solutions 4. Deciding upon the Best Solution 5. Making the Decision Effective 6. Implementing and Verifying the Decision. Step # 1. Defining the Problem: Management may see a clash of personalities; the real problem may well be poor organization structure. Management may see [...]
After reading this article you will learn about:- 1. Types of Mathematical Models 2. Structure of Mathematical Models 3. Characteristics 4. Advantages 5. Disadvantages. Types of Mathematical Models: Models may be classified as: (1) Iconic (Sale) Model: An iconic model is a physical replica of a system usually based on a different scale than the original. These may appear in [...]