Help with decision analysis question

Business & Finance
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What is Decision Analysis?  When is it most useful?  Briefly outline a generic Decision Analysis process.  How can a decision maker clearly communicate the objectives of a decision

Nov 3rd, 2015

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Decision analysis is the evaluation of any options available to a certain situation to make the right choice. It is most useful in a situation whereby the decisionmaker has many options to choose from and cannot make an instant decision.

A generic decision- making process involve the following process:

Identification of a difficult process to make, formulation of a statement regarding the decision,decision makers approve the decision process and create a quantitative model,analysis data for the model is provided and alternatives evaluated, the results act as a base for making new strategies and finally the strategy leads to the winning desion accombanied by its implimentation

A decision maker can clearly communicate the objectives of a decision by identifying and presenting the problem that the decision is made to solve.



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Nov 3rd, 2015

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