Abstract
Decision analysis refers to the various operational methods used by management for the efficient running of an enterprise. Very broadly viewed it may involve considerations of long range corporate planning and the suitability of alternative organization structures; very narrowly it may specify a linear programming model to determine an optimal output-mix which maximizes company profits. From a practical standpoint the decision analysis in management science and operations research deal with three broad groups of methods or models:
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A.
Optimization models usually under constraints e.g. linear programming (LP) model.
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B.
Stochastic systems usually with no explicit optimizing objective e.g., queing models.
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C.
Stochastic optimization in a dynamic system e.g., production-inventory control problem over time.
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© 1985 Springer-Verlag Berlin Heidelberg
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Sengupta, J.K. (1985). Decision Analysis in Management: Methods and Models. In: Optimal Decisions Under Uncertainty. Universitext. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-70163-4_2
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DOI: https://doi.org/10.1007/978-3-642-70163-4_2
Publisher Name: Springer, Berlin, Heidelberg
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