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All non-trivial decisions have multiple objectives, and sometimes sub-objectives. The resulting complexity opens the door to the limitations of effective decision making and the use of counter productive strategies . Structuring objectives into...
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Perhaps the most common "formal" approach to making a choice among alternatives is to list the pros and cons of each alternative. Certainly it would be wrong to calculate the net number of pros over cons for each alternative and then select the alt...
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When there are hard and fast "criteria" (as opposed to "objectives"), it is useful to screen out alternatives that do not satisfy the criteria. For example, alternatives for a decision may be required to be "technically feasible." Alternatives tha...
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There are numerous ways to identify objectives, alternatives, etc., although brainstorming may be the most common method. The main point of brainstorming is to generate as many ideas as possible. Get the right people – it is often useful to get to...
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Compensatory decisions are rational decisions. In compensatory decisions, poor performance of alternatives with respect to some objectives can be overcome with excellent performance with respect to other objectives. For instance, a plane ticket th...
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Management by Objectives (MBO) as a concept first appeared in a 1954 book The Practice of Management . The author, Peter Drucker, has since become known as one of the world’s most influential business experts. Management by Objectives is ...
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There are four types of number scales: NOIR The nominal scale of measurement only satisfies the identity property of measurement. Values assigned to variables represent a descriptive category, but they have no inherent numerical value with res...
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Satisficing is a decision-making strategy that aims for a satisfactory or adequate result rather than the optimal result, because aiming for the optimal solution may necessitate needless expenditure of time, energy and resources. 1 A combinatio...
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The nutshell briefing rule is a quick and easy approach to decision making that can sometimes save time and effort in arriving at adequate judgments; however, reliance on such rules more often results in judgmental errors and can create grossly misl...
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Making decisions involves making tradeoffs among objectives; this is a difficult and poorly understood aspect of decision making. Decisions become difficult when they involve several competing objectives. The greater the number of objectives, th...