After reading this article you will learn about:- 1. Types of Mathematical Models 2. Structure of Mathematical Models 3. Characteristics 4. Advantages 5. Disadvantages. Types of Mathematical Models: Models may be classified as: (1) Iconic (Sale) Model: An iconic model is a physical replica of a system usually based on a different scale than the original. These may appear in [...]
After reading this article you will learn about decision making under different circumstances:- 1. Decision Making under Certainty 2. Decision Making under Risk 3. Decision Making (Or Problem Solving) under Uncertainty. Decision Making under Certainty: Certainty implies that all the facts are known for sure. It is assumed that there is complete and accurate knowledge of the consequences of each [...]
After reading this article you will learn about:- 1. Introduction to Decision Making in Management 2. The Nature of Decision Making 3. Decision Making Defined 4. The Decision-Making Context 5. Decision-Making Conditions 6. Types of Decisions 7. Decision-Making at Different Levels in the Organisation 8. Programmed and Non-Programmed Decisions 9. How Good should the Decisions Be? and Other Details. Contents: [...]