REFERENCES

► PRINCIPLES& PRACTICES OF MANAGEMENT BY

L.M.PRASAD(Pg264-274)
► MANAGEMENT BY KOONTZ & WEIHRICH(Pg113-
125)
► http://google.com/

► http://en.wikipedia.org/wiki/Decision_making

► http://www.scienceofbetter.org
 DECISION MAKING

► CHOICE OF A DESIRABLE ALTERNATIVE

► ACT OF PROJECTING ONE OWN’S MIND
► GOAL DIRECTED
 ANALYTICAL AIDS
IN DECISION MAKING
► OPERATION RESEARCH
► DECISION TREE
► LINEAR PROGRAMMING
► GAME THEORY
► QUEUING THEORY OR WAITING LINE THEORY
 OPERATION RESEARCH

ESSENTIALS
► EMPHASIS ON MODELS
► QUANTIFIES THE VARIABLES
► EVALUATION OF ALTERNATIVES
 SCOPE OF
OPERATION RESEARCH

► ENTIRE BUSINESS ACTIVITIES

► OPTIMUM ALLOCATION OF RESOURCES
► QUICK DECISION MAKING
 DECISION TREE

► DEPENDENCY OF EACH STEP

► DEFINITION OF ALTERNATIVES
► ESTIMATING PROBABILITIES
► CALCULATE EXPECTED PAYOFF
 LINEAR PROGRAMMING

► OPTIMUM ALLOCATION OF RESOURCES

► EXISTENCE OF CONSTRAINTS
► GRAPHICAL METHOD AND SIMPLEX
METHOD
 GRAPHICAL METHOD

► RESTATING INFORMATION IN MATHEMATICAL

FORM
► TAKING
THE CONSTRAINTS INTO
CONSIDERATION
► PLOTTING ON GRAPH
► IDENTIFY FEASIBILITY REGION
 SIMPLEX METHOD

► LARGE NO. OF VARIABLES

► ALGEBRIC
EQUATIONS AND
MANIPULATION
► VOLUME OF CALCULATIONS
 GAME THEORY

► DECISIONS UNDER COMPETITVE SITUATIONS

► CONFLICT OF INTEREST
► EACH PLAYER CHOSSES OWN COURSE OF
ACTION
► e.g. ELECTIONS,ADVERTISING.
 QUEUING THEORY OR WAITING
LINE THEORY

► MATHEMATICAL STUDY OF ‘QUEUES’ OR

‘WAITING LINES’
► TOO MUCH DEMAND—EXCESS WAITING
TIME
► TOO LITTLE DEMAND—IDLE TIME
 CORPORATE EXAMPLES

► IBM USES OPERATION RESEARCH IN SUPPLY CHAIN MODEELING AND

OPTIMISATION, MANUFACTURING PLANNING AND SCHEDULING,
FORECASTING.
► USE OF OPERATION RESEARCH TECHNIQUES TO IMPROVE THE
DESIGN OF A HEWLETT PACKARD PRINTER PRODUCTION LINE(1997)
► USE OF LINEAR PROGRAMMING IN DISENTANGLING THE
BANKRUPTCIES OF AL-MANAKH STOCK MARKET CRASH IN
KUWAIT(1996)