Decision making, in very simple words is the process of taking a decision! The decision can be rational or irrational. Decision Making is the outcome of one’s mental process that influences a decision. There are a number of decision making frameworks and tools that can help in better decision making.
Decision Science, on the other hand, is often used to describe statistical analysis of data to enable managers to make an assortment of business decisions. Decision science is often linked not just to statistics but also big data, artificial intelligence, ML, etc. Our statistics tutors can tutor you on data analysis and decision science.
Decision making is inevitable for most of us – especially for business school students! Decision making gives techniques that can help managers gain insights and understanding about the decision problems they face in their day to day life.
Decision making is a difficult process for most of us, due to uncertainty regarding the future as well as conflicting values and objectives.
Graduate Tutor’s Finance Homework help group can tutor you learn the various decision making frameworks and tools related to decision making.
A sample list of frameworks and tools related to decision making our operations research tutors can tutor you on are:
- Good decisions vs. Good outcomes
- Characteristics of decision problems
- Payoff Matrix
- Decision rules
- The matrix decision rule
- The maxi-max decision rule
- The mini-max decision rule
- Expected regret
- Sensitivity analysis
- The expected value of perfect information
- The expected value of imperfect information
- Decision trees
- Multistage decision problems & trees
- Spider and Tornado charts
- Strategy tables
Graduate Tutor’s Finance Homework help group can tutor you in decision analysis and applications of decision analysis.
Graduate Tutor’s expert tutors consist of MBAs, CPAs or CFAs who can provide you decision analysis homework help tutoring in addition to other finance tutoring. Email us for more information.