High School Statutory Authority: Students shall be awarded one-half to one credit for successful completion of this course. The prerequisite for this course is proficiency in the knowledge and skills relating to Technology Applications, Grades
Decision making is crucial for running a business enterprise which faces a large number of problems requiring decisions. Which product to be produced, what price to be charged, what quantity of the product to be produced, what and how much advertisement expenditure to be made to promote the sales, how much investment expenditure to be incurred are some of the problems which require decisions to be made by managers.
The five steps involved in managerial decision making process are explained below: The first step in the decision making process is to establish the objective of the business enterprise.
The important objective of a private business enterprise is to maximise profits. However, a business firm may have some other objectives such as maximisation of sales or growth of the firm. But the objective of a public enterprise is normally not of maximisation of profits but to follow benefit-cost criterion.
According to this criterion, a public enterprise should evaluate all social costs and benefits when making a decision whether to build an airport, a power plant, a steel plant, etc.
The second step in decision making process is one of defining or identifying the problem. Defining the nature of the problem is important because decision making is after all meant for solution of the problem. For instance, a cotton textile firm may find that its profits are declining.
It needs to be investigated what are the causes of the problem of decreasing profits. Whether it is the wrong pricing policy, bad labour-management relations or the use of outdated technology which is causing the problem of declining profits. Once the source or reason for falling profits has been found, the problem has been identified and defined.
Identifying Possible Alternative Solutions i. Alternative Courses of Action: Once the problem has been identified, the next step is to find out alternative solutions to the problem.
This will require considering the variables that have an impact on the problem. In this way, relationship among the variables and with the problems has to be established. In regard to this, various hypotheses can be developed which will become alternative courses for the solution of the problem.
For example, in case of the problem mentioned above, if it is identified that the problem of declining profits is due to be use of technologically inefficient and outdated machinery in production. The two possible solutions of the problem are: The choice between these alternative courses of action depends on which will bring about larger increase in profits.
Evaluating Alternative Courses of Action: The next step in business decision making is to evaluate the alternative courses of action. This requires, the collection and analysis of the relevant data. Some data will be available within the various departments of the firm itself, the other may be obtained from the industry and government.
The data and information so obtained can be used to evaluate the outcome or results expected from each possible course of action. Methods such as regression analysis, differential calculus, linear programming, cost- benefit analysis are used to arrive at the optimal course. The optimum solution will be one that helps to achieve the established objective of the firm.
The course of action which is optimum will be actually chosen. It may be further noted that for the choice of an optimal solution to the problem, a manager works under certain constraints.
The constraints may be legal such as laws regarding pollution and disposal of harmful wastes; they way be financial i. The crucial role of a business manager is to determine optimal course of action and he has to make a decision under these constraints.
After the alternative courses of action have been evaluated and optimal course of action selected, the final step is to implement the decision. The implementation of the decision requires constant monitoring so that expected results from the optimal course of action are obtained.Linear programming is viewed as a revolutionary development giving man the ability to state general objectives and to find, by means of the simplex method, optimal policy decisions for a broad class of practical decision problems of great complexity.
Linear Programming Graphic Tutorial—a Flash tutorial on linear programming. Decision Making—an introduction to decision making, with links to other resources. Mind . T1 - Characterization and Optimization of l∞ Gains of Linear Switched Systems.
AU - Naghnaeian, Mohammad. AU - Voulgaris, Petros G. PY - /8/1. Y1 - /8/1.
N2 - In this paper, we consider the l∞gain characterizations of linear switched systems (LSS) and present various relevant results on their exact computation and optimization. Dynamic decision-making under uncertainty has a long and distinguished history in opera- an in nite-dimensional generalization of the standard linear r-bridal.com remark that conditional Section , conditional expectation constraints naturally appear in the dual of problem P, which will play a central role in assessing the quality of.
The survey, conducted among 2, U.S consumers 13+, will allow Nielsen—“in taking the pulse of consumer sentiment toward existing or emerging technology,” it says—to help uncover often nuanced consumer decision-making that can either drive success through adoption or leave some forms of new electronic devices or platforms struggling to.
Topics include linear programming, integer programming, decision making under uncertainty, game theory, and inventory modeling.
Prerequisite: Graduate standing or consent. This course may be taken for credit at the undergraduate or graduate level but not both.