Examples of such models include – decision matrix analysis, Pugh matrix, SWOT analysis, Pareto analysis and decision trees, selection matrix, etc...
Simulation techniques can be used to assist management decision making, where analytical methods are either not available or cannot be applied.
Operations Research Techniques
It encompasses techniques such as simulation, mathematical optimization, queuing theory, stochastic-process models, econometric methods, data envelopment analysis, neural networks, expert systems, decision analysis, and the analytic hierarchy process.
Heuristic Programming
Most basic heuristic programs would be based on pure ‘trial-error' methods. Heuristics take a ‘guess' approach to problem solving, yielding a ‘good enough' answer, rather than finding a ‘best possible' solution.
Group Decision Making
In group decision-making, various individuals in a group take part in collaborative decision making. Group Decision Support System is a decision support system that provides support in decision making by a group of people.
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