Decisions may be of different types. Some of the important types of managerial decisions are explained as follows:- 1. Programmed and Non-Programmed Decisions 2. Major and Minor Decisions 3. Routine and Strategic Decisions 4. Organizational and Personal Decisions 5. Individual and Group Decisions 6. Policy and Operation Decisions and 7. Long-Term Departmental and Non-Economic Decisions. Type # 1. Programmed and [...]
Various quantitative techniques for decision making are:- 1. Mathematical Programming 2. Cost Analysis (Break-Even Analysis) 3. Cost-Benefit Analysis 4. Linear Programming 5. Capital Budgeting 6. Inventory Management 7. Expected Value 8. Decision Tree 9. Simulation 10. Queuing or Waiting Line Theory 11. Game Theory 12. Information Theory 13. Preference Theory/Utility Theory and Few Others. Technique # 1. Mathematical Programming: Besides [...]
After reading this article you will learn about decision making under different circumstances:- 1. Decision Making under Certainty 2. Decision Making under Risk 3. Decision Making (Or Problem Solving) under Uncertainty. Decision Making under Certainty: Certainty implies that all the facts are known for sure. It is assumed that there is complete and accurate knowledge of the consequences of each [...]