This article will help you to make comparison between Management Information and Decision Support System. Managers at all levels require information to be provided to them with speed, brevity, precision and economy to enable them to carry out their functions effectively. This need is satisfied by means of a management information system. A Management Information System (MIS) is a system [...]
After reading this article you will learn about Decision-Making under Certainty, Risk and Uncertainty. Decision-making under Certainty: A condition of certainty exists when the decision-maker knows with reasonable certainty what the alternatives are, what conditions are associated with each alternative, and the outcome of each alternative. Under conditions of certainty, accurate, measurable, and reliable information on which to base decisions [...]
This article throws light upon the top ten techniques of decision-making. The techniques are: 1. Marginal Analysis 2. Financial Analysis 3. Break-Even Analysis 4. Ratio Analysis 5. Operations Research Techniques 6. Linear Programming 7. Waiting-line Method 8. Game Theory 9. Simulation 10. Decision Tree. Decision-Making: Technique # 1. Marginal Analysis: This technique is used in decision-making to figure out how [...]