Wednesday, 30 November 2011

[What I read today] Quantitative Methods for Business (11th Edition)

Wow! This book is totally awesome! I am just at page 5 currently but I know I would be fully motivated to read this book up to page 867. At page 4, I learned about the relationship between problem solving and decision making. Problem solving is the process of identifying a difference between the actual and the desired state of affairs & then [have the guts to] taking actions to resolve the gap.



7 steps of problem-solving process are:-

  1. Identifying & defining problem in hand
  2. Determine any alternative solutions
  3. Determine criteria to evaluate available alternatives 
  4. Evaluate alternatives
  5. Choose one alternative.
  6. Implement selected alternative.
  7. Evaluate result(s) to determine whether the solution (selected alternative in step 5) are the best solution to solve problem identified in step 1.
Decision making is only associated with step 1 to 5 in the problem-solving process.

For my research, definitely the problem is under multicriteria decision problems.

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