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Decision-making models and tools: a critical study

Author

Listed:
  • Suprava Devi
  • Mitali Madhusmita Nayak
  • Srikanta Patnaik

Abstract

The important process for any business organisation is decision-making, which need resources. The process of making decision is fundamental and vital for any business organisation. This paper includes various decision-making models and its techniques in details along with its suitability. The significance of this study is to choose the appropriate and correct model for business. The paper proposes that a particular decision-making model becomes a suitable tool for decision makers under fluctuating conditions and time stress. When the parameter of the environment changes, the model has to be chosen accordingly. We also discuss the phases of the decision-making which includes distinct techniques to support each stage of the decision-making process to interpret the business thoughts into a noticeable, transmissible structure. This paper includes the performance measurement that provides benchmarks about optimum performance by the system and it can help to make better decisions, meet the challenges, and achieve the missions under the specific decision-making frameworks.

Suggested Citation

  • Suprava Devi & Mitali Madhusmita Nayak & Srikanta Patnaik, 2020. "Decision-making models and tools: a critical study," International Journal of Management and Decision Making, Inderscience Enterprises Ltd, vol. 19(2), pages 176-206.
    • Handle: RePEc:ids:ijmdma:v:19:y:2020:i:2:p:176-206
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