It helps an individual in analyzing the right choices to do before finally deciding on what to do next as part of a plan or an objective.
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Decision making theory is used to determine the values and other issues, including uncertainties, that relate to the decision being made. It is then determined if the decision is a rational and wise decision to be made.
One advantage of quantitative techniques in planning is the ability to have better information. A disadvantage is the fact that the process takes too long.
Patriarchal - it is were the father is in charge in decision making. Matriarchal - it is were the mother is in charge in decision making. Democratic - one couples allows their children to join in decision making. Permissive - no specific one to give authority.
what are the importance of quantitative techniques in managerial dicision making
Quantitative techniques in decision making help us analyze decision alternatives in a rational way that enables us to choose a solution that increases the likelihood of meeting defined success criteria. The best quantitative techniques help improve decision making skill while taking advantage of the knowledge and intuition of experts.