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Managerial decision making , classification of decision making, elements of decision making, operational research, steps in OR,CBIS,ELEMENTS OF CBIS
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Operation research for business decision making Meaning of decision-making It is regarded as a cognitive process resulting in the selection or a course of action among several alternative possibilities. Managerial decision making: it is a process by which the management when faced with a problem choose a specific course of action from a set of possible options. Steps in decision making
3.determine the model 4.Evaluate the alternatives 5.select the best alternative There is no place of whims and guess work based on the goal of the organization Inter disciplinary team approach OR requires blend if people with expertise in the area of maths ,engineering,computer science,management Digital computer The computer may be required due to competitors. In today’s Era we can’t do task manually so we need digital computer store and process data. Methodology or step in OR
1. Formulate the problem: Define a clear and concise statement of problem 2. Determine the assumption: Analyst can’t deal with all problem and one should select a few problems Are likely result in greatest benefit. 3. Acquired input data: after the problem is defined categories into the following Problem 1.standard problem: also known as programmed problem. These are we structure problem characterized by to use, repetitive decision maker techniques to solve. 2. Specific problem: Unique and recurrent in nature and therefore ill structured. 4. Solution of model formulated and interpret result: A solution of model implies determination of a specific set of decision variable that would field a desired level of output.Desired level of output is determined by the principal of choice and represent level of which optimises the solution. Category 1 Feasible solution: a solution which satisfies all the constraints of the problem Infeasible solution : a solution which does not satisfy all the constraints Category 2 Optimal solution Non optimal solution Category Unique solution Multiple solution 5. Validate the model: It's designed within regulatory guidance as the set of processes & activities intended to verify that model are performing as expected in time with their design objectives & business users. 6. Implement the solution: It's the process of incorporating the solution in the organization. Computer based information system Quantitative analysis or has become integral part of the modern computer based information system.