Decision science

Introduction Of Decision Science

1. Decision Science Sem-III (302)

2. HELLO! I am Dr. Dhananjay Mandlik I am here because I love to do new experiment with new technology You can find me at [email protected] 2

3. Unit – I : 1.2 Assignment Models: Concept , Flood’s Technique/ Hungarian Method, applications including restricted & multiple assignments. 1.1 Introduction: Importance of Decision Sciences Role of quantitative techniques in decision making. 3 1.3 Transportation Models: Concept , Formulation, Problem types: Balanced, unbalanced, Minimization, Maximization, Basic initial solution using North West Corner, Least Cost & VAM, Optimal Solution using MODI.

4. Now a day Data Management is very important features of every organization. Data Management helps business leaders to make decisions based on facts, statistical numbers and trends. 4

5. What is Decision Making? Decision Making is nothing an integrated application of mathematics and technology to solve real life business problems. It involves systematic and scientific analysis, visualization of extract insights based on the calculation of clearly defined business problems. Decision analysis provide the help to make decision under the conditions of uncertainty. It trends the decision maker in the area of costs optimization, probabilities, quality, values and customer interest, based on scientific calculation and experience 5

6. What is Decision Making? Decision making is related to planning, organizing, directing and controlling the functions of decision maker. Decision making is very much important to achieve the organizational goals/objectives within given time and budget.  Decision analyst can easily solve the multidimensional complex business problem very easily using various mathematical and probability techniques 6

7. What is Decision Making? decision Analysists are truly rare than data scientists. Because decision Analyst artfully play with business using math, technology and behavioral science. Decision analysist must be good communicator 7

8. Decision Science is the collection of verious quantitative techniques used for decision-making at the various levels in the organization. There are verious application of decision science in the area of linear programming problem, cost optimization, transpotation problem, assignment problem, graph theory and probability. Decision Science includes decision analysis, risk analysis, cost-benefit, cost-effectiveness analysis, simulation modelling and behavioural decision theory. It also provide a unique framework to make decision at various circumstances. It is a collaborative approach which involve mathematical formulae, business tactics, technological applications and behavioral approach which help senior management to make data driven decisions. Decision Science is 8