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Decision making in business and management[edit | edit source]
In general, business and management systems should be set up to allow decision making at the lowest possible level.
Several decision making models or practices for business include:
- SWOT Analysis - Evaluation by the decision making individual or organization of Strengths, Weaknesses, Opportunities and Threats with respect to desired end state or objective.
- Analytic Hierarchy Process - widely-used procedure for group decision making
- Buyer decision processes - transaction before, during, and after a purchase
- Complex systems - common behavioural and structural features that can be modelled
- Corporate finance
- Control-Ethics, a decision making framework that balances the tensions of accountability and 'best' outcome.
- Decision trees
- Force field analysis - analyzing forces that either drive or hinder movement toward a goal
- Game theory - the branch of mathematics that models decision strategies for rational agents under conditions of competition, conflict and cooperation.
- Grid Analysis - analysis done by comparing the weighted averages of ranked criteria to options. A way of comparing both objective and subjective data.
- Hope and fear (or colloquially greed and fear) as emotions that motivate business and financial players, and often bear a higher weight that the rational analysis of fundamentals, as discovered by neuroeconomics research
- Linear programming - optimization problems in which the objective function and the constraints are all linear
- Min-max criterion
- Model (economics)- theoretical construct of economic processes of variables and their relationships
- Monte Carlo method - class of computational algorithms for simulating systems
- Morphological analysis - all possible solutions to a multi-dimensional problem complex
- Paired Comparison Analysis - paired choice analysis
- Pareto Analysis - selection of a limited of number of tasks that produce significant overall effect
- Robust decision - making the best possible choice when information is incomplete, uncertain, evolving and inconsistent
- Satisficing - In decision-making, satisficing explains the tendency to select the first option that meets a given need or select the option that seems to address most needs rather than seeking the “optimal” solution.
- Scenario analysis - process of analyzing possible future events
- Six Thinking Hats - symbolic process for parallel thinking
- Strategic planning process - applying the objectives, SWOTs, strategies, programs process
- Trend following and other imitations of what other business deciders do, or of the current fashions among consultants.