The Ethical, Social And Environmental Impact On The Decision Making Process

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In today’s world, managers face the difficult everyday decisions which ought to be considered in relation to an ever increasing wide range of different criteria in the making of corporate decisions. In fact, in the past, such decisions more often than not, were judged purely on the basis of a single or solitary attribute such as the resultant profit or the loss or even the cost that will eventually amount if the venture is either a success or a failure. However, it must be noted that the cost of profit alone has proven that it is not able to fully capture the variant concept of desirability in relation to whether to choose a particular decision or its resulting alternative. Of particular note, are the decisions which involve the issues of…show more content…
The problems of the MCDM can, in fact, be broadly classified into two rather distinct categories that are inclusive of the following: multiple attribute decision making (MADM) and the multiple connective decision making or the MCDM, which is dependant on whether or not the problem, in this case, is a selection problem or alternatively a design problem (Kahraman, 2008). Sensitivity Analysis Sensitivity analysis refers to the study which is undertaken with regard to how uncertainty can be the output of a mathematical model or even an entire process that can be well apportioned in relation to the various and different sources of uncertainty as per the inputs derived. In an ideal situation uncertainty and sensitivity analysis ought to be able to run in tandem to each other. Analysis of Performance The MODM methods intrinsically have with them the decision variable figures and values that are determinate on an immense and continuous integer domain with either an infinitive or even a larger array of choice that in most cases should be able to satisfy the decision makers’ constraints and the preference towards certain priorities (Chang, 2005). The MADM methods inversely are more generally discrete methods with a rather limited amount of predetermined alternatives (Kahraman, 2008). The
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