Prescriptive Analytics: The Final Frontier for Evidence-Based Management and Optimal Decision Making

4. Multi-Criteria Decision-Making

Decision-making is the foundation of any action, any reaction, or anything at all in our life. We humans are profoundly decision-makers. Everything we do is the result of some decision that we make, either consciously or unconsciously. The main ingredient for better decision-making is information. The quality, quantity, and timeliness of the information are among the key components of good decision-making. That said, not all information is useful. Unrelated or excess information may be detrimental to good decision-making. The concept of information overload is often used to emphasize the negative impact that too much information may play in decision-making in humans, especially if the decisions are being made ...