Decision making is a major component of living and, therefore, a fascinating topic for discussion and investigation. Several fields in science also occupy themselves with the nature of different aspects of decision making: philosophy, psychology, sociology, economics, etc. There are many types of decision making and all types are equally intriguing, e.g., How do people react when they are threatened? How should one select a spouse? What is the most appropriate factory layout? Which markets would be most profitable? In this short list we already recognize the distinction between individual decision making and institutional decision making. In the last 50 to 60 years, institutional decision making has attracted much attention, particularly for decisions regarding the design and control of military operations. Later, similar ideas were used and extended for decisions in trade and industry. Policy making in the public and semi-public sectors of society also began to be based more on systematic analysis.
Unable to display preview. Download preview PDF.