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Decision Making for managers is the identification of alternative solutions to problems, challenges, and opportunities; the analysis of those alternatives; and the selection of the alternative most likely to achieve the desired outcome with the best effect on the organization.

Female Accountant

Decision Making  Skills Course

  • Effective Management Decision Making: Introduction
    - The Duality of Decision Making? 
    - Types of Business and Management Decisions.
    - Who is involved in Decision Making?- The Decision Body.
    - The three phased model.

  • Data forecasting
    - Simple Averaging Forecasting. 
    - Moving Averages. 
    - Exponential Smoothing Data Forecasting. 
    - Errors, accuracy and confidence.
    - Causal forecasting.
    - Non-linear Forecasting and multiple regression– Curve fitting.
    - Multiple regression and partial regression analysis.
    - Complete worked non linear forecasting example with seasonality.

  • Developing rational models with quantitative methods and analysis: probabilities
    - The Decision tree – a map of the solution set.
    - Decision Analysis.
    - More on probabilities: Expected Monetary Values.
    - Revising problem information – Bayes Theorem. 
    - The Value of Sample and Perfect Information. 


  • Developing rational models with quantitative methods and analysis: Distribution Functions and Queuing Theory

- The mathematical function: discrete and continuous variables.

- The discrete distribution – the binomial function.

- Extending binomial number sequences.

The Poisson sequence 

  • Queuing Theory 

  • Examples of Poisson problems 

  • Queuing Theory – Modelling reality 

  • Defining the queuing characteristics 

  • The economic analysis of queues 

  • Other queuing systems and different waiting line structures

  • Example of an arbitrary service time queue 

Developing holistic models with qualitative methods of decision analysis: Irrationality in Management Decision Making

  • The Monte Carlo Simulation

  • Systems thinking about decisions

  • Checkland’s Soft System Methodology

The individual in decision making: Heuristics in Management Decision Making

  • More on the cognitive view – schematas and heuristics 

  • More on heuristics 

Course Outline

Program fees

USD 1258

To register, please click on the tab below, or for further assistance get in touch with us on , or give us a call at 8004852

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