Decision Making
Case Study on Decision Making:
Decision making is the field of research, which includes the methods of mathematics, statistics, economics, management and psychology aimed at the study on the people’s choice of the ways of solutions of various problems. In addition it learns the most reasonable alternative solutions of all possible problems.
Decision making is the process of the rational and irrational choice of the alternatives which has the aim to achieve the result. There are two theories of decision making: normative theory (describes the rational process of decision making) and descriptive theory (describes the practice of decision making). The rational choice of the alternatives consists of the range of components: the analysis of the situation; identification of the problem and definition of the aim; searching of the required information; formation of the alternatives; formation of the criteria for the creation of the alternatives; the choice of the best alternative; fulfilment; the monitoring of the fulfilment; evaluation of the result.Very often decision making happens in the condition of uncertainty that is the situation where it is impossible to predict the result of the decision. Uncertainty is divided into several types: stochastic (there is certain information about the possible results); behavioural (there is knowledge about the impact of the results on the behaviour of the participants); natural (there is no knowledge about the connection between the decision and the results); antecedent (there is no information about the result at all).
The task of the choice in the situation of uncertainty is to reduce the number of the alternatives to the minimum and make the right logical well-analyzed decision.Decision making is the important and interesting topic which is surely worth attention. If a student is asked to prepare a successful case study on decision making, he will have to pay attention to the general aspects of the topic and learn it from all sides to be able to analyze it well and draw the right conclusions. To begin with, a student should learn about the problem of the case and collect information for the detailed analyses. Then one should find the cause of the problem and its effect.In the end, one is supposed to analyze the solution of the problem and suggest his own alternative one.
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