Decision-making models and tools: a critical study

Suprava Devi, Mitali Madhusmita Nayak and Srikanta Patnaik

International Journal of Management and Decision Making, 2020, vol. 19, issue 2, 176-206

Abstract: The important process for any business organisation is decision-making, which need resources. The process of making decision is fundamental and vital for any business organisation. This paper includes various decision-making models and its techniques in details along with its suitability. The significance of this study is to choose the appropriate and correct model for business. The paper proposes that a particular decision-making model becomes a suitable tool for decision makers under fluctuating conditions and time stress. When the parameter of the environment changes, the model has to be chosen accordingly. We also discuss the phases of the decision-making which includes distinct techniques to support each stage of the decision-making process to interpret the business thoughts into a noticeable, transmissible structure. This paper includes the performance measurement that provides benchmarks about optimum performance by the system and it can help to make better decisions, meet the challenges, and achieve the missions under the specific decision-making frameworks.

Keywords: decision-making models; decision-making process; tools; methods; performance measures; phases of decision-making. (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.inderscience.com/link.php?id=108204 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ids:ijmdma:v:19:y:2020:i:2:p:176-206

Access Statistics for this article

More articles in International Journal of Management and Decision Making from Inderscience Enterprises Ltd
Bibliographic data for series maintained by Sarah Parker ().