DECISION MAKING IN QUANTITATIVE TECHNIQUES

Thursday, December 11, 2014

Decision Making

By definition, it is the act of drawing several answers to a certain problem and selecting the appropriate or the best option as the solution. Follow the gradual steps to do the decision making.

Steps for decision making:

       1.       Identify the problem. This to check whether the existing problem is really a problem or not. This is so because sometimes the existing problem is not a problem but a fact. 

  

       2.       Set criteria appropriate for the problem. This is to be done by giving weights (in terms of percent) in every detail of the problem identified.

       3.       Make Plan A or Plan B. This is by preparing a second option if the first solution does not work.

       4.       Assess every alternative solution. This is by rechecking if the Plan B is ideal or appropriate for the problem.

       5.       Spot the best alternative solution. This by identifying the most ideal and suitable solution.

       6.       Apply the spotted alternative solution. This is by applying the solution to the problem.

       7.       Check or consult the application of the solution for the assurance that it is appropriate and with the approval of the majority, if not all, the of 
organization.

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