Decision making is one of the main activity of a manager or executive.The ultimate goal of all such decisions is to maximise the desired benefit or minimise the effort value.
Definitions:-It is the use of scientific methods to provide criteria for decisions regarding man,machine,systems involving repetitive operations.
Objective;-It is to provide scientific basis to the decision makers for solving the problems involving the interaction of various components of organisation.
Use:-1) Defence operation
iii)Opertions and training
i)minimisation of cost of production
ii)maximisation of output
iii)optimisation of capital investment.
iv)to avoid conflicts between the objectives of various department
v)inventory control,marketing and transportation.
i)maximise per capita income
ii)framing economic policies
iii)optimisation of resource allocation.
7)Research and Developmet
1)Definition of the problem
* a description of the goal of the objective of the study.
*an identification of the decision alternative to the system.
* a recognition of limitations,restrictions and requirement of the system.
2)Construction of the model
3)Solution of the model
4)Validation of the model
5)Implimentation of the final result.