3.1 introduction decision theory
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This document discusses an introduction to decision theory presented by Dr. V. M. Tidake. It defines decision theory as a mathematical approach for selecting the best alternatives from various options in business decision making. It outlines the steps in decision making as identifying the problem, defining objectives, collecting data, developing alternatives, evaluating alternatives, and selecting the best option. Students are asked to list where decision theory can be applied to solve real-life business problems.
3.1 introduction decision theory
- 1. www.sanjivanimba.org.in Unit No.3. DECISION SCIENCE Presented By: Dr. V. M. Tidake Ph. D (Financial Management), MBA(FM), MBA(HRM) BE(Chem) Professor & Head Dept. of MBA 1 Sanjivani College of Engineering, Kopargaon Department of MBA www.sanjivanimba.org.in
- 2. www.sanjivanimba.org.in 302-DECISION SCIENCE Unit No.3. Decision Theory 3.1 Introduction to Decision Theory Presented By: Dr. V. M. Tidake Ph. D (Financial Management), MBA(FM), MBA(HRM) BE(Chem) Professor & Head Dept. of MBA 2 Sanjivani College of Engineering, Kopargaon Department of MBA www.sanjivanimba.org.in
- 3. www.sanjivanimba.org.in DECISION THEORY At the End of the Session Student will be able to understand- A. Introduction to Decision Theory
- 4. www.sanjivanimba.org.in Decision Theory Decision Theory is a mathematical approach towards selecting the best alternatives from amongst various alternatives in the context of Business Decision Making.
- 5. www.sanjivanimba.org.in Steps in Decision Making • Problem Identification. • Objective Definition. • Data Collection. • Development of alternatives. • Evaluation of alternatives. • Selection of the best alternative.
- 6. www.sanjivanimba.org.in EXERCISE List down where can we use the knowledge of Decision Theory in solving the real life Business Problem.
- 7. www.sanjivanimba.org.in For More Details Contact Dr. V M Tidake tidkevishal@gmail.com tidkevishalmba@sanjivani.org.in