Decision support tools. Lecture 1: Management Decision-Making. DST module introduction. Module lecturer: Jane Nash. Why are you here?. Business managers often have to make complex decisions
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Lecture 1: Management Decision-Making
Module lecturer: Jane Nash
Try to find the answer yourself before you ask for help!
In a hotel business, at which level of management would the decision typically be made to increase occupancy by reducing room rates over the winter season:
Management Information Systems
Specialised decision support applications
A key to good decision making is to explore and compare many relevant alternatives. The more alternatives that exist, the more computer-assisted searching and comparison is needed.
Typically, decisions must be made under time pressure. Frequently it is not possible to manually process the needed information fast enough to be effective.
Decision makers can be in different locations and so is the information. Bringing them all together quickly and inexpensively may be a difficult task.
It is often necessary to conduct sophisticated mathematical analysis in order to make a good decision. Such analysis requires the use of modeling.
Read through pages 459-461 of the module handout.