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Decision Making Techniques for Managers

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Duration: 2 days
Dates: September 2-3, 2019
Programme Director: Prof. Hitesh Arora
Fees: Rs. 16,000 (Non-Residential), Rs. 28,000 (Residential) Plus GST @18%

4.3

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158+

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INTRODUCTION

Managers face decision making situations subject to various restrictions placed on them. The dynamic operating environment makes decision-making complex. Intuition and guess work, generally used by managers, are insufficient in solving complex problems.

Decision making techniques encompass a logical, systematic and scientific approach to business problem solving. They help managers take better decisions and have been credited with increasing efficiency and productivity of business firms.

OBJECTIVES

This MDP offers a broad spectrum of knowledge of the mechanics of Decision Making Techniques and the types of problems to which these techniques can be applied.

In particular, objectives of the MDP are to:
  • expose the participants to a variety of business problems that can be solved successfully using Decision Making Techniques;
  • equip the participants with the necessary skills needed for solving decision making problems using computer aided tools (Excel Spreadsheet);
  • demonstrate various softwares for solving real world problems.
CONTENTS
  • Essentials of Decision Making Techniques (Optimization)
  • Assignment Model (Travelling Salesmen Problem)
  • Transportation Model (Routing Problem)
  • Markov Chains (Brand Switching and Market Share Problem)
  • Zero Sum Game Strategies
  • Decision Tree Analysis
  • Simulation (Demand Prediction and Inventory Management)

METHODOLOGY

The programme covers the contents in simple terms with step-by-step procedures in interactive sessions.

WHO SHOULD ATTEND

Managers at all levels involved in Decision Making and having knowledge of basic mathematics and MS-Excel will be an added advantage.

PROGRAMME DIRECTOR :

Prof. Hitesh Arora is a Professor in the area of Quantitative Techniques/ Operations Management. A graduate in Mathematics and a post graduate in Operational Research from University of Delhi, he has earned his Doctorate in Mathematical Programming from Department of Operational Research, University of Delhi. He has qualified National Eligibility Test (NET) conducted jointly by CSIR & UGC for Lectureship with Junior Research Fellowship (JRF) in Mathematical Sciences. Prof. Arora has also worked as an Actuarial Consultant with a UK-based MNC. He has over eighteen years of experience in academics and industry. He has also conducted various Management Development Programmes (MDPs) in Decision Making Techniques for Managers. His present areas of research interest are measurement of Productivity, Service Quality and effect of information technology in Indian banking sector. He has to his credit, a number of research papers in national and international journals of repute.

TESTIMONIALS

Executive Education/MDPs

FORE School of Management has been designing, developing and conducting innovative Executive Education (EE)/ Management Development Programmes (MDPs) for working executives in India for over three decades.