All entries for Friday 29 April 2011

April 29, 2011

Decision and Decision Analysis.. (RDM)

We’ve all talk about decision making at some point or other but what does it exactly mean. I wanted to throw some light on what I understand. Decision making refers to the discipline comprising the theories, philosophies, methodologies, and professional practices necessary to address important decisions in a formal manner.

Managers spend most of time making decisions in the organization. Decision analysis includes many methods, tools and procedures for identifying, clearly representing, and formally assessing the important aspects of a decision situation. Making decision is certainly the most important task of a manager and it is often a very difficult one.

Decision analysis is the discipline of evaluating complex alternatives for decision making in terms of values and uncertainty. The major concern for management is values so they are generally expressed monetarily. Higher values generally come with higher uncertainties. Furthermore, decision making and analysis provides insight for the managers how the defined alternatives differ from one another in terms of values and uncertainties and then generates suggestions for new and improved alternatives. This process it ought to happen if we want to make robust decision


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