Modern Techniques for Programmed Decisions
A programmed determination is used to solve routine, repetitive only complex problems. These techniques are equally good called equally Quantitative Techniques. The managers working at blogspot.com//search?q=levels-of-management-top-middle-and">lower-level of management brand these decisions.
Various Approaches or Techniques for making programmed decisions are:-
blogspot.com//search?q=levels-of-management-top-middle-and">Decision Making Techniques.
1. Linear Programming
Linear Programming is a quantitative technique. It is used to create upward one's heed how to distribute the express resources for achieving the objectives. Here, linear, agency the human relationship betwixt variables, as well as programming agency taking decisions systematically. Linear programming is used when 2 or to a greater extent than activities are competing for express resources. For e.g. production mix decisions, inventory management decisions, etc. Linear programing is used for Agriculture, Industry, Contract biding as well as Evaluation of tenders.
2. Decision Tree
A determination tree is a diagram which shows all the possible alternatives of a decision. All this information tin dismiss locomote seen at i glance. It is equally good slow to understand. H5N1 determination tree is similar a horizontal tree. The base of operations of the tree is called the Decision Point. From this point, the dissimilar alternatives as well as sub-alternatives are shown equally branches as well as sub-branches. The director must report all the alternatives real carefully as well as select the best alternative.
3. Game Theory
A game is a province of affairs involving at to the lowest degree 2 people. Each persons determination is based on what he expects the other to do. Game theory is used for deciding most competitive pricing. For e.g. H5N1 companionship may increase the cost of its production when it feels that the competition may equally good increase the price. For e.g. Pepsi volition increase its cost if it feels that Coca Cola volition equally good increase its price. Here, both decisions- makers accommodate to each other's decisions.
4. Simulation
Simulation technique is used to create upward one's heed most complex problems. The trial of the determination is observed inward a imitation province of affairs as well as non inward a existent situation. For e.g. H5N1 companionship tin dismiss divulge out the effectiveness of its novel promotion past times commencement showing it to few people earlier telecasting it on TV.
5. Queueing Theory
This technique is used to divulge solutions to the waiting listing problems inward example of airline reservations, railway reservations, college admissions, etc. Queueing theory helps to divulge out the optimum publish of service facilities required as well as the cost of these services. For e.g. H5N1 carry companionship may innovate to a greater extent than vehicles to acquit the passengers inward the waiting list. This volition forestall the passengers from going to the competitor's company.
6. Network Techniques
Managers role network techniques similar PERT (Program Evaluation Review Technique) as well as CPM (Critical Path Method) for complex projects, where many activities cause got to locomote completed. With the aid of these techniques, complex projects tin dismiss locomote completed equally per the schedule. Network techniques relieve fourth dimension as well as cost.
7. Probability Decision Theory
Probability Decision theory is based on the supposition that the hereafter is uncertain. There is a direct chances that a certainly trial may or may non cause got place. Based on available information as well as subjective sentence of the manager, diverse probabilities are assigned (given) to option courses of activity (decision). The probable / possible outcomes of dissimilar alternatives are evaluated, as well as the most probable option is selected.
8. Payoff Matrix
Payoff matrix is a statistical technique, which helps managers to pick out the best alternative. H5N1 payoff is the render or vantage for selecting the best alternative. The best option tin dismiss locomote a combination of many alternatives or a unmarried alternative. For e.g. H5N1 director may create upward one's heed to increase sales as well as turn a profit past times increasing advertising, improving character of the product, reducing the price, etc. Each option or a combination of alternatives may furnish an expected reward.
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