Decision analysis

Management Science Coursework

Decision analysis

Through this essay it is intended to briefly describe the topic of decision analysis, then to briefly describe the application of decision analysis in different companies based on published literature, then to finally list the benefits of the decision analysis approach. To do this, the first stage is to illustrate the theory of decision analysis in general then to apply it to actual businesses and show the theory in practice. Two cases that will be discussed in this essay. The first is the case of Concorde planes, and the second being the government’s embracement of the Millennium Dome project.

Organizational success or failure is determined by the business decisions made each day in every facet of operations. From interacting with customers to transaction processing, you need the best possible decisions to maximize revenues, minimize costs, and effectively manage business processes. According to Professor Paul Nutt, professor ...