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 [...]
Various quantitative techniques for decision making are:- 1. Mathematical Programming 2. Cost Analysis (Break-Even Analysis) 3. Cost-Benefit Analysis 4. Linear Programming 5. Capital Budgeting 6. Inventory Management 7. Expected Value 8. Decision Tree 9. Simulation 10. Queuing or Waiting Line Theory 11. Game Theory 12. Information Theory 13. Preference Theory/Utility Theory and Few Others. Technique # 1. Mathematical Programming: Besides [...]
After reading this article you will learn about:- 1. Meaning of Markov Analysis 2. Example on Markov Analysis 3. Applications. Meaning of Markov Analysis: Markov analysis is a method of analyzing the current behaviour of some variable in an effort to predict the future behaviour of the same variable. This procedure was developed by the Russian mathematician, Andrei A. Markov [...]