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Management Decision Theory, Second Edition

Management Decision Theory, Second Edition

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In this second edition of Management Decision Theory, Howard Flomberg discusses the two broad classifications of decision theory-Qualitative and Quantitative-and presents a set of decision analysis tools from both these categories that can be applied on the job without a preconceived notion of which category excels over the other. While Quantitative decision theory is based on management science and uses tools such as statistics and applied mathematics to identify the pros and cons of a potential decision, Qualitative decision theory-on the other hand-originates from social sciences and uses qualitative approaches to problems of effective decision making at the workplace. With many vivid examples of how the principles behind decisions can greatly influence the effectiveness of actions, Management Decision Theory presents a virtual toolbox of both quantitative and qualitative tools that can be used to apply theory to real-life situations on the job. Some of the tools that will be covered are: Bayes Theory, Games Theory, and The Delphi Method. This new edition features a section on Analytic Hierarchy Process. AHP is a Bayesian process that allows the manager to examine decision elements in an objective manner, yet assign subjective values so that all possible pairs of decision elements can be compared to each other in a formal manner. This approach fits into the theme of the book-Mixed method decision analysis.