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Decision making techniques are understood as such

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Unformatted text preview: lenge task. Decision Making Techniques are understood as such science techniques which help Decision Makers (DMs) to select relevant course of actions, strategies or alternatives among a set of actions based on quantitative evaluation criteria. 3 Decision Making involves: Quantitative approaches Qualitative approaches Objectives of the organizations Constraints Preferred Criteria Decision Making Techniques: Limitations Assumptions Specific applicability Results: Timely Flexible Economical Reliable Easy understand and use 4 Examples in Decision Making Selecting “best” alternatives based on some criteria Top management in a company wants to expand their business by building a new factory. The potential alternating locations are A, B, C. The criteria they consider for establishing the factory are: minimize the total cost which includes transportation cost and investment cost. Question: Which location will be the best choice? Question: 5 Find the “best” product mixed quantity to achieve maximum profit A furniture company produce tables...
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