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What is Decision-Making Process

Encyclopedia of Decision Making and Decision Support Technologies
Decision-making process is the process of developing a general problem understanding, formulating the problem explicitly, evaluating alternatives systematically, and implementing the choice.
Published in Chapter:
Unambiguous Goal Seeking Through Mathematical Modeling
Giusseppi Forgionne (University of Maryland, Baltimore County, USA) and Stephen Russell (University of Maryland, Baltimore County, USA)
DOI: 10.4018/978-1-59904-843-7.ch100
Abstract
All decision-making support systems (DMSS) provide both input and output feedback for the user. This feedback helps the user find a problem solution and captures any created knowledge for future reference. Goal seeking is an important form of DMSS feedback that guides the user toward the problem solution. Often in the decision support literature there is a concentration on providing forward-oriented decision assistance. From this perspective, the decision problem is viewed from the problem forward, towards a solution and advice is given with that orientation. In the literature, this is most often seen in “what-if” analysis. Goal seeking takes an inverted view where a preferred or optimal solution is known and the advice provided identifies values for the decision problem variables so that the optimal or preferred solution is obtained. Goal seeking approaches can be useful not only in identifying a solution, but also examining and explaining the relationships between decision variables. Unlike what-if analysis, which is forward oriented, goal seeking starts with a preferred outcome and decision makers do not have to manipulate decision variables in a recursive manner to examine different decision scenarios.
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E-WOM as a New Paradigm in the Consumer Decision-Making Process
The basic decision process used by consumers to make a purchase or not.
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A process to provide intelligent and smart decisions.
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Cognitive process in which a person needs to make a decision when comparing alternatives based on (often conflicting many) criteria.
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Artificial Intelligence and Venture Capital Decision-Making
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