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Books > Business & Economics > Business & management > Management & management techniques > Operational research
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Innovative Decision-Making Techniques - A FOCCUSSED Approach (Hardcover, 1st ed. 2022)
Loot Price: R1,325
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Innovative Decision-Making Techniques - A FOCCUSSED Approach (Hardcover, 1st ed. 2022)
Series: Synthesis Lectures on Operations Research and Applications
Expected to ship within 12 - 17 working days
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This book provides a blend of quantitative and qualitative
approaches to decision making, while also bridging the gap between
the theory of how to make good decisions versus how people actually
make decisions. The authors present the tools and techniques of
decision analysis to learn how to become a FOCCUSSED decision
maker: Identify and properly Frame the decision or problem at hand
Specify the goals, Objectives, and values that you are trying to
achieve Develop creative, meaningful Choices from among which you
can choose Evaluate the Consequences of selecting each alternative
using your goals, objectives, and values Think about the key
Uncertainties that could impact the decision Understand the Swaps
and trade-offs that you are willing to make Develop an approach for
implementing your Solution Elicit the data you'll need from a
variety of sources and Disseminate and communicate your decisions
to others. The authors define a decision as the choice among
alternatives, based on how we value and trade-off their pros and
cons, made in the face of uncertainty about what will actually
happen. The decision-making process is presented as having three
pillars to support the decision maker: Preferences-what we prefer,
what meets our goals and objectives, and the recognition that
preferences are personal to the one making the decision;
Alternatives-the choices, options, or courses of action that we
have, and over which we have some degree of control; and
Information-what we know about the situation, what we don't know,
how we connect choices to outcomes, and how we deal with
uncertainty. Key components of good decision-making include how to
define your goals and objectives, how to incorporate uncertainties
that we all face, and how to develop better alternatives, all of
which are discussed. Sophisticated techniques are presented in a
way that is accessible to the average decision maker. Probability
theory is utilized to improve decisions, and uncertainties are
captured in decision trees. Risk avoidance, risk transfer, and risk
mitigation are also discussed. Readers will gain a clear
understanding of how to articulate the goals and objectives that
should be the focal point of any decision.
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