The environment in which decision-making is done and in which decisions are implemented can be described along the following lines: Certainty: In an environment characterized by certainty, full information is available on all the factors relevant to the problem and its solution. Information is also ...

Quantitative Techniques of Decision Making (i) Linear programming: It is the technique for optimization of an objective function under given resources and constraints. The objective function is either maximization of some utility or minimization of some disutility. The technique is useful under cond...

The Importance of Information in Decision-making Information is a basic requirement for decision-making. It significantly determines the effectiveness of not only the final decision but also the process of decision-making itself. Therefore, decision- making is sometimes regarded as the processing an...

Modern Techniques for Non-programmed Decisions (i) Creative techniques: Creative thinking is needed for solving novel, non-routine problems. Creativity refers to the ability to generate new ideas and new ways of doing things. Brainstorming is one of the creative techniques. It involves the use of th...

The Decision-making Process Decision making is every manager’s primary responsibility. To make good decisions, managers should invariably follow a sequential set of steps as presented here. (a) Identifying and diagnosing the real problems: The first step in the decision-making process is the ident...

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