Question

Definition for fundamentals of decision making in quantitative techniques for business studies

Answer 1

hey..!!!

Introduction

Decision making is crucial for survival of business. Businesses have to make decision considering the limited amount of information. Decision making problems are divided into two types deterministic and probabilistic.

Deterministic model of problem solving depends on the relationship between uncontrollable factors and continuing process of optimizing system performance. A model is developed in under assumption related to existing business condition. If the variables under assumption do not truly reflect the current business conditions, the model developed also will not reflect the reality.

hope it helps..✌️✌️

Answer 2

Operation Management involves various activities in the process of converting input to output including functions like planning, production, transportation, etc., and while undertaking these functions so many decisions are needed to be taken. Here comes the quantitative techniques, which helps operation management to develop analytical capabilities in decision making.

hope helps ☺️☺️