IMPORTANCE OF QUANTITATIVE TECHNIQUES IN MANAGERIAL DECISIONS *P.Murugesan Abstract The term ‘Quantitative techniques’ refers to the methods used to quantify the variables in any discipline. It means the application of subjects like mathematics and statistics, econometrics and operations research to understand and solve problems.. It is a study of the application of differential calculus, integral calculus and matrix algebra, measures of central tendencies, measures of averages, correlation and regression
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Decision Theory Decision Analysis – provides a rational methodology for decision making in the face of uncertainty. Components of a Decision Problem: 1. Decision Alternatives / Set of actions- the alternatives form which the decision maker is to choose. 2. Events/ State of Nature – a list of possible events that might occur after the decision is made. Payoff Tables- a table which shows the reward obtained if a particular decision is made and the event occurs. Payoff Table |Decision
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Reflective Observation In our survey for the ethics and moral values subject, we are trying to find out how ethical behaviors or values have change from their prior generations to current generations. Anna interviewed two people in her company, “Enbridge Pipeline Inc”, she chose an employee that has been there for 50 years (Employee A) and another employee that has been in the workforce for less than 5 years (Employee B). When we interview both employees regarding question #7 (refer to Appendix
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properly labeled, using Microsoft Word or PowerPoint (or a drawing tool that can be viewed without specialized software other than Microsoft Office). Stage 3: Using the case provided and the process identified in the assignment, develop a Decision Table and a Decision Tree, relevant to the new system. Deliverable is the two illustrations, properly labeled, using Microsoft Word or PowerPoint (or a drawing tool that can be viewed without specialized software other than Microsoft Office). Case Study Document
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Decision Making and Problem Solving: Benefits and Techniques Defining Problem Solving and Decision Making Definition of a Problem: A problem exists when there is a gap between what you expect to happen and what actually happens. Definition of Decision Making: Decision making is selecting a course of action from among available alternatives. The Difference between Decision Making and Problem Solving While both processes are systematic, problem solving involves defining a problem and
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investigating the effect of students socio-economic/family background on students academic performance in tertiary institutions using decision tree algorithms A. B. Adeyemo (Ph.D)1 and S. O. Kuyoro (M.Sc.)2 Department of Computer Science, University of Ibadan, Ibadan, Nigeria Abstract The causes of the difference in the academic performance of students in tertiary institutions has for a long time been the focus of study among higher education managers, parents, government and researchers. The cause
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Page 18 | INTRODUCTION Decision making can be regarded as an outcome of mental processes leading to the selection of a course of action among several alternatives. Every decision making process produces a final choice. The output can be an action or an opinion of choice. Human performance in decision making terms has been the subject of active research from several perspectives. From a psychological perspective, it is necessary to examine individual decisions in the
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P r i n c ip l es f o r De c isi o n M a k i n g |1 Principles for Decision Making: Living According to God’s Will Garry Friesen & J. Robin Maxson Copyright is now held by Garry Friesen. This summary of Decision Making and the Will of God may be copied for use in ministry. Add credit line “Used by permission, Garry Friesen.” Introduction Decision Making and the Will of God is a BIG book. Nevertheless, in the twenty-five years since it was released by Multnomah Press, over 250,000 copies have been
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ELEMENTS AND MODELS OF A DECISION-MAKING PROCESS Four processes of decision-making Whether small or large, short- or long-term, studied or impulsive, decision-making involves four major elements: problem definition, information search, choice, and evaluation. They are not sequential, they occur simultaneously. And it is often difficult to identify when a decision process begins and ends as most important choices are ongoing. Problem definition The first step in defining a problem
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| |COURSE DESCRIPTION | |Applies quantitative methods to systems management (Decision Theory), and / or methods of decision-making with respect to sampling, | |organizing, and analyzing empirical data. | |COURSE OUTCOMES
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