Title: Decision-making models and tools: a critical study

Authors: Suprava Devi; Mitali Madhusmita Nayak; Srikanta Patnaik

Addresses: Department of Computer Science, Institute of Technical Education and Research (ITER), Siksha 'O' Anusandhan (Deemed to be University), Bhubaneswar, Odisha, India ' Department of Mathematics, Institute of Technical Education and Research (ITER), Siksha 'O' Anusandhan (Deemed to be University), Bhubaneswar, Odisha, India ' Department of Computer Science, Institute of Technical Education and Research (ITER), Siksha 'O' Anusandhan (Deemed to be University), Bhubaneswar, Odisha, India

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.

Keywords: decision-making models; decision-making process; tools; methods; performance measures; phases of decision-making.

DOI: 10.1504/IJMDM.2020.108204

International Journal of Management and Decision Making, 2020 Vol.19 No.2, pp.176 - 206

Received: 18 Dec 2018
Accepted: 30 Mar 2019
Published online: 06 Jul 2020 *

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