5 Groups of Management Decision Making Methods for Evaluating Alternatives

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The following 5 groups of methods are of no small importance:

Multi-criteria assessment methods
Allows for comparison of alternatives by various criteria. These methods are especially effective in situations where several parameters must be taken into account simultaneously. The validity of the choice of criteria used is of great importance.

Methods of expert assessment
They involve the development by experts of a logical analysis system that combines intuition and quantitative assessment of alternatives. They are used to solve various non-formalizable problems that cannot always be measured quantitatively, as well as to solve problems of a socio-economic nature or in cases where the necessary information is lacking from external sources. Experts are required to have a high level of competence to successfully apply these tools.

Expert methods for india email list making management decisions
Forecasting based on the synthesis of professional opinions on the direction of development of an object in the future. These methods are used to forecast entities for which mathematical models cannot be applied. Expert approaches include both individual and group methods of making management decisions.

Factual strategies
Making forecasts based on business information about the historical and current development of an object. They are used in conditions where the probability of maintaining factors that contributed to the evolution process in the past is higher than the probability of their change.

Factual strategies

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However, when unexpected constraints arise, the use of these strategies may lead to erroneous forecasts. The reliability and accuracy of fact-based strategies can be improved by combining them with expert foresight methods.