November 2023
Intermediate to advanced
208 pages
5h 32m
English
Content preview from Project Based Problem Solving and Decision Making
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10Decision-Making Tools
10.0 Decision-Making Tools in Everyday Life
We all make decisions every some. We even use decision-making tools and do not realize it. Some of the decision-making tools and techniques people use in everyday life include:
- Determining the pros and cons for a given situation
- Choosing the alternative with the highest probability of occurrence
- Choosing the alternative that provides the greatest financial reward
- Choosing the alternative that offers the least amount of damage should something go wrong
- Accepting the first option that seems like it might achieve the desired result
- Following the advice of a subject matter expert
- Flipping a coin, cutting a deck of playing cards, and other random or coincidence methods
- Prayer, tarot cards, astrology, augurs, revelation, or other forms of divination
While these tools seem simplistic, there are more sophisticated tools that people use.
10.1 Use of Operations Research and Management Science Models
The evaluation of alternatives is an important step in the decision-making process. Quantitative techniques provide a basis for better assessment of alternatives through providing for the development and use of models to evaluate risk, uncertainty, and complexity in decision problems. Quantitative analysis provides a rational approach in the systematic application of scientific methods to the solution of management decisions. Quantitative techniques offer an alternative to intuitive “seat-of-the-pants” decision-making; ...
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