Ch_5_Defining_the_Problem

Ch_5_Defining_the_Problem - Defining the Problem IE 226 1...

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1 Defining the Problem Defining the Problem IE 226 IE 226 2 Economic Decision Process Economic Decision Process 1 Problem (need or opportunity) Recognition and Definition 2 Generation of Solution Alternatives 3 Development of Feasible Solution Alternative Cash Flows 4 Economic Evaluation of Alternatives, including cases under uncertainty and risk 5 Selection and Implementation of Best Alternative 6 Post-implementation Analysis and Evaluation
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3 1. Problem, Need or Opportunity Recognition 1. Problem, Need or Opportunity Recognition and Definition and Definition Before solving a problem or taking advantage of an opportunity, the situation must be clearly defined. This may be straightforward or it may require extensive data analysis and investigation. “The formulation of a problem is far more often essential than its solution, which may only be a matter of mathematical or experimental skill” -Albert Einstein 4 A Problem A Problem The difference between a current situation and a desired or optimal situation. Requires assessment of current situation
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Ch_5_Defining_the_Problem - Defining the Problem IE 226 1...

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