COMM-5022EL Chapter Notes - Chapter 1: Marginal Revenue, Classic Car, Sensitivity Analysis
11 Jan 2018
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Problem solving the process of identifying a difference between the actual and the desired state of affairs and then taking action to resolve the difference. The seven steps of the problem-solving process are: identify and define the problem, determine the set of alternative solutions, determine the criterion or criteria that will be used to evaluate the alternatives. Single-criterion decision problems objective is to find the best solution with respect to one criterion. Multi-criteria decision problems involve more than one criterion: evaluate the alternatives, choose an alternative. Decision making term generally associated with the first five steps of the problem-solving process (first step is to identify the problem and ends with the choosing of an alternative: implement the selected alternative. Decision the alternative selected: evaluate the results to determine whether a satisfactory solution has been obtained. The analysis phase of the decision-making process may take two basic forms:
