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Every day, people face decisions in domains as diverse as choosing among shampoos, stocks, medical treatments, and friends. When people have not learned what to do through trial and error, they need a suite of generally applicable decision-making s...
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The analytic hierarchy process (AHP) is a structured technique for organizing and analyzing complex decisions, based on mathematics and psychology. It was developed by Thomas L. Saaty in the 1970s and has been extensively studied and refined since t...
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Iteration is the act of repeating a process to generate a sequence of outcomes, with the aim of approaching a desired goal, target, or result. Each repetition of the process is also called an iteration . The results of one iteration are used as...
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Most, if not all, decisions are made under uncertain conditions. Sensitivity analysis is a technique used to determine how different values of an independent variable impact a particular dependent variable under a given set of assumptions. It is ...
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Consensus decision-making is a group decision-making process in which group members develop, and agree to support, a decision in the best interest of the whole. Consensus decision-making is a dynamic way of reaching agreement between all members of...
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Humans are unreliable decision makers because our judgments as humans are generally strongly influenced by irrelevant factors. 1 This is the expert opinion of Daniel Kahneman, the Nobel Prize winner in Economic Sciences and a master in understandi...
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Synthesis involves putting together or combining parts into a whole. Analysis - the separating of any material or abstract entity into its constituent elements - is the opposite of synthesis. 1 Organizations have become quite good at doing analys...
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A major challenge of almost all organizations today is finding a way to integrate the knowledge and expertise of their personnel in decision making and forecasting. In The Wisdom of Crowds, 1 James Surowiecki shows that under certain conditions ...
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Engaging stakeholders and subject matter experts increases participation . As people feel more engaged with decision-making and planning, they will also feel more motivated . Both increased participation and motivation can further lead to ...
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Quantitative data is highly valued. But there are several potential problems using raw quantitative data: It may not represent what you think it does; for example, data about the past does not necessarily reflect what will happen in the future....