Making a decision is a complex process which must be based upon a method that is able to establish the optimum criteria in choosing an alternative, in evaluating the main effects of implementing the decision which was taken and in estimating the risks involved. The optimizing methods and techniques fall into several groups. Thus, judging by the number of criteria that was taken into consideration when making decisions, the optimization methods and techniques can be identified as uni-criterial decisions and multi-criterial decisions; considering the objective condition state which affects the problem that needs decisional solution, there can be decisional methods and techniques used in optimizing decisions in conditions of certainty, decisional methods and techniques used in optimizing decisions in conditions of uncertainty and decisional methods and techniques used in optimizing decisions in risky conditions. The continuous improvement of the decisional subsystem - an important component of the firm’s management - represents a necessity under the circumstances that the latest decades reveal a development of the decisional elements, both in the theoretic-methodological field and in the application field. The decisional methods and techniques must be found in the managers’ decisional processes at different hierarchical levels (individual managers or group managers), so that a high scientific materialization level of the methods should be ensured.
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
3408.
Find related papers by JEL classification: C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis M10 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - General M21 - Business Administration and Business Economics; Marketing; Accounting - - Business Economics - - - Business Economics
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