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DECISION ANALYSIS (HSM-MJNB1W12-S1FIN24_4A-K)

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In AHP, the decision maker determines how well each alternative “scores” on a criterion by using , i.e.  two alternatives are compared according to a criterion, and one is preferred.

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A management science can be either a recommended decision or information that helps a manager make a decision.

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The  is a method for ranking decision alternatives and selecting the best one when the decision maker has multiple objectives, or criteria, on which to base the decision

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A decision-making situation includes several components—the decisions themselves and the actual events that may occur in the future, known as . At the time a decision is made, the decision maker is uncertain which states of nature will occur in the future and has no control over them

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A is a person skilled in the application of management science techniques

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A management science model is an abstract representation of an existing problem situation. It can be in the form of a graph or chart, but most frequently a management science model consists of a set of mathematical relationships. These mathematical relationships are made up of numbers and symbols. These statements relate to ______________

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As indicated in the previous section, management science encompasses a logical, systematic approach to problem solving, which closely parallels what is known as the scientific method for attacking problems. The five steps of the scientific method are ...............

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Many decision-making scenarios take place in a project team-based environment where   is a necessary skill. Management science provides an approach to problem solving in which individuals may actively work together on a problem using their combined efforts to construct meaning and knowledge as a group through dialogue and negotiation that ultimately results in a modeling approach that reflects their joint actions.

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