Decision Analysis : Decision Making

1760 Words Jun 25th, 2015 8 Pages
Abstract Decision making is one of the most vital tasks that an entrepreneur, company, or managers are often called to make in order to alter the cause of a business venture or influence the course a business will take. Decision analysis thus entails the discipline of appraising intricate alternatives with regard to values and uncertainty. Value, in most incidences, is expressed monetarily and is a major management concern. Additionally, decision analysis offers awareness into how distinct alternatives vary from each other as it offers propositions for new and improved alternatives. Decision making is a process which involves a methodical review of various pathways that the being made will result in while allowing the persons making the decisions to explore various outcomes for their decisions. Various methods are thus employed in decision making (Figueira, et al., (2005). This manuscript appraises some of these methods and offers the best approach in making decisions for a business. Various peer reviewed articles and printed texts are inferred upon in the analysis of the subject under review. The theoretical framework with regard to decision analysis is also appraised. Introduction As Keefer, et al., (2004) documents, the traditional frameworks of decision making for business ventures including intuition and a simple financial analysis are no longer adequate in addressing the commonest decisions for businesses. Such decisions border on issues including…
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