Scientific Management

1. Introduction & Summary 2. Probabilistic Modeling: From Data to a Decisive Knowledge 3. Decision Analysis: Making Justifiable, Defensible Decisions 4. Elements of Decision Analysis Models 5. Decision Making Under Pure Uncertainty: Materials are presented in the context of Financial Portfolio Selections. 6. Limitations of Decision Making under Pure Uncertainty 7. Coping with Uncertainties Making decisions is certainly the most important task of a manager and it is often a very difficult one. This site offers a decision making procedure for …

…or pessimistic. In such a case, the decision-maker invokes consideration of security. 3. Notice that any technique used in decision making under pure uncertainties, is appropriate only for the private life decisions. Moreover, the public person (i.e., you, the manager) has to have some knowledge of the state of nature in order to predict the probabilities of the various states of nature. Otherwise, the decision-maker is not capable of making a reasonable and defensible decision.