PoM-Module 1

Introduction to
Management

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 QUOTE
SUCCESSFUL PEOPLE DO NOT DO
DIFFERENT THINGS

BUT,THEY DO THINGS
DIFFERENTLY

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 Indian Businessmen

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 Topics to be discussed
• Introduction to management;
• Evolution of management thought: Scientific, Administrative,
Human Relations and Systems approach to management;
• Management functions and Managerial roles.
• Nature and purpose of planning, planning process, types of
planning, objectives, setting objectives, policies,
• Planning premises, Strategic Management,
• Planning Tools and Techniques – Decision making steps and
process.

01/14/2021 Dr.MEERA UDAY 5

 What is management?
Management is not a modern concept of just the past two or three
centuries, it dates back to much earlier times. Ever since people began to
form groups and work together towards a common purpose, the elements
of management have been present. with the increase in the size of the
groups, the task of managing them became more complex and difficult. This
gave rise to principles and theories of management, which are being
practiced today in managing the organizations.
An organization is a systematic arrangement of people brought together to
accomplish some specific purpose expressed in terms of objectives and
goals.
Every organization is made up of people who are formed into groups, in
some manner, to combine their efforts to achieve the organisation’s goals or
objectives. For this purpose , all organizations develop a systematic
structure that defines and limits the behavior of its members.
Management is the art of getting things done through people, both
efficiently and effectively.
 Concept of management
1. An integrating process designed to achieve
purposeful results
2. It is an art of getting things done through
individuals, groups and community.
3. It is a process of decision making and controlling
for desired results.
4. Management is situational-there is no single best
way to manage.
5. Management is open system interacting with
different forces
 CONCEPT OF MANAGEMENT
1. Management applies to every organization
2. It applies to managers at all levels
3. The aim of managers is the same , to create
surplus/profit
4. Managing is concerned with productivity, which
implies effectiveness and efficiency

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 Efficiency and effectiveness
• Efficiency- ability to do things in the right way
• Effectiveness- ability to do right things
• For eg:
• Effectiveness is the ability to determine
appropriate objectives, whereas
• Efficiency is the ability to minimize the
expenditures in achieving the objectives set.

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 Management definition
It is a process of Planning
Organizing Directing and
Controlling Through the coordinated use of
Human and material resources
To accomplish the set objectives
 Characteristic features of management

•It is purposeful
•It is concerned with getting results through ideas,
things and people
•It is a social process involving human relations
•Most of it involves coordination
•It is a set of interrelated activities which can be
studied and evaluated
•It uses established procedures
•It is dynamic
•It is intangible- can be seen only through results
 Management – Science or art?
•There is no universally accepted view on this point.
•American school of thought says
•Administrators think-top level function
•Managers do- lower level function
•British school of thought says
•Management is a wider concept than administration
•Administration is a lower level function of day to day
activities
•Management is a rule making and enforcing activity.
 Difference between
Characteristic Administration Management

Scope Determination of Implementation of

objectives and policies policies
Decision making Takes major and wider Decisions are taken
decisions-what to do? within the framework-
how to do?
level Functions of top Lower level management
management
Influence Decisions are influenced Decisions are influenced
by external factors- by internal factors like
political, legal and social values, beliefs, culture
etc
Main functions Planning and controlling Directing and organising

Skills Conceptual technical

Usage Govt and PSU Private and business

organisation

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 SKILLS AND MANAGEMENT
LEVELS
TOP
MANAGERS
CONCEPTUAL
SKILLS

MIDDLE
MANAGERS
HUMAN MIDDLE
MANAGERS
HUMAN MIDDLE
MANAGERS
SKILLS SKILLS

SUPERVISORS SUPERVISORS SUPERVISORS

SUPERVISORS SUPERVISORS
SUPERVISORS -TECHNICAL -TECHNICAL -TECHNICAL
-TECHNICAL -TECHNICAL
-TECHNICAL SKILLS SKILLS SKILLS
SKILLS SKILLS
SKILLS

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 Manager/Non Manager
• Definition: A Manager is the person responsible for planning and directing
the work of a group of individuals, monitoring their work, and taking
corrective action when necessary.
• Example: The Production Manager developing a production plan for the
factory.
• Who is a manager?
• M- Makes things happen
• A-accepts challenging jobs
• N-Never accepts defeats
• A-Accelerates the achievement of results
• G-Generates enthusiasm
• E-Energizes the system
• R- Recruits right persons for the right jobs

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 Contd…
• Manager: a person who identifies and achieves
organizational objectives through the deployment of
appropriate resources.
• A manager can have responsibilities in one or more
of five key areas: managing activities; managing
resources; managing information; managing people;
and managing him- or herself at the same time as
working within the context of the organizational,
political, and economic business environments.

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 Contd…
• Very few jobs are entirely managerial, and
very few exist without any management
responsibilities.
• Employees who are not having managerial
responsibilities are called Non-Managers

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 Mintzberg’s Managerial Roles (a)

Interpersonal
roles

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 Mintzberg’s Managerial Roles (b)

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 Mintzberg’s Managerial Roles (c)

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 Management- SCIENCE OR ART?
1. What is science?
2. Systematic body of verifiable knowledge
3. Principles capable of general application
4. Developed through observation,
experimentation and validation.
5. Managers use organised knowledge
which is science
 What is an art?
1. Managing as a practice is an art
2. Arts require vision, knowledge and
communication.
3. Obtaining results through application of skill is an
art.
4. Art is based on the principles developed by
science
5. It is personalized which means there is no one
best way of managing for every body.
6. THUS MANAGEMENT IS BOTH AN ART AND
SCIENCE
Management as a profession?
A profession is based on a systematic body of
knowledge, which requires formal training . For
example profession of doctors, engineers, lawyers
and like requires formal training and a set code of
ethics for practice. Likewise management is also
profession and management practice requires
formal training and code of ethics.
In conclusion, we may say that management is a
profession, which demands artistic application of
its scientific theories for the efficient functioning
of any organization.
 STAKE HOLDERS(CLAIMANTS)
1. EMPLOYEES
2. CONSUMERS
3. SUPPLIERS
4. SHARE HOLDERS
5. GOVERNMENT
6. COMMUNITY
7. GOVERNMENT AGENCIES
8. FINANCIAL INSTITUTIONS

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 Systems view of management
•Management is a set of interrelated elements
working towards a common purpose.
•Orderly arrangement of elements
•Proper communication between elements
•Each element can impact the other elements
•It involves three major activities inputs-
process-output
 SYSTEM APPROACH TO MANAGEMENT

Controlling the system

EXTERNAL ENVIRONMENT
EXTERNAL ENVIRONMENT

TRANSFORMATION OUTPUTS
INPUTS PROCESS

COMMUNICATION SYSTEM
(FeedBack)

EXTERNAL ENVIRONMENT
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 INPUTS
• MEN ( HUMAN RESOURCE)
• MONEY( CAPITAL RESOURCE)
• MATERIAL(RAW MATERIALS RESOURCE)
• MACHINE (TECHNOLOGICAL RESOURCE)
• MANAGEMENT (STRATEGIES)

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 Other four Important M’s
• Motive: Vision, Objectives
• Market : Demand, Customer Base
• Methods: Techniques, Strategies
• Measurement (Metrics): Measuring the
process and results

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MANAGERIAL TRANFORMATION PROCESS

• PLANNING
• ORGANISING
• STAFFING
• LEADING
• CONTROLLING

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 OUTPUTS
• PRODUCTS
• SERVICES
• PROFITS
• SATISFACTION
• GOAL INTEGRATION

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 REENERGISING(CONTROLING) THE SYSTEM

• Some Outputs Become Inputs

• Satisfaction, new Knowledge, skills Of
Employees Become Inputs
• Surplus Income. Profits Are Reinvested In Cash
And Capital Goods Such As Machinery,
materials, buildings

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 COMMUNICATION SYSTEMS (Feedback)

• It integrates the managerial functions

Eg: Objectives set in planning are
communicated so that other functions of
structure, leadership are accomplished
• It links the enterprise with the external
environment
Eg: Interacting with customers to produce
customized products

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 EXTERNAL VARIABLES
• Variables that cannot be controlled by a
manager are called external variables
Eg: Government rules, politics
• A manager has no control over external
variables , but has to respond to it

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 FUNCTIONS OF MANAGERS
• PLANNING
• ORGANISING
• STAFFING
• LEADING
• CONTROLLING
• COORDINATION

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 PLANNING
• PLANNING: INVOLVES SELECTING MISSIONS &
OBJECTIVES AS WELL AS THE ACTIONS TO
ACHIEVE THEM, IT REQUIRES DECISION
MAKING

• Eg: PLAN FOR HIRING AND TRAINING

WORKERS

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 ORGANISING
• IT INVOLVES ESTABLISHING AN MANAGER

INTENTIONAL STRUCTURE OF ROLES

FOR PEOPLE TO FILL IN AN ASST MGR ASST MGR AASST MGR

ORGANISATION

Eg : DESIGNING THE ORGANISATION

STRUCTURE(HIERARCHY)

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 STAFFING
• INVOLVES FILLING AND KEEPING FILLED THE
POSITIONS IN THE ORGANISATION
STRUCTURE

• Eg: RECRUITING, SELECTING, TRAINING,

PROMOTING, COMPENSATING

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 LEADING
• IS INFLUENCING PEOPLE SO THAT THEY WILL
CONTRIBUTE TO ORGANISATIONAL AND
GROUP GOALS

• Eg: GANDHI,NARAYANA MURTHY

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 CONTROLLING
• IS MEASURING AND CORRECTING INDIVIDUAL
AND ORGANISATIONAL PERFORMANCE TO
ENSURE THAT EVENTS CONFORM TO PLANS

• Eg: BUDGET EXPENSES,INSPECTION

RECORDS,LABOR-HOUR RECORD

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 COORDINATING
• IT IS ACHIEVING HARMONY AMONG
INDIVIDUALS TOWARDS THE
ACCOMPLISHMENT OF GROUP GOALS

• Eg; COORDINATING WITH

COLLEAGUES,SENIORS AND JUNIORS

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 Managerial functions at different
organizational levels

Top

Organizing

Controlling
Leading
Planning
Managers

Middle
Managers

First line
supervisors

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Factors responsible for increasing significance of management

1. Globalization- widened challenges and

opportunities
2. Technology- complexity and criticality of processes
and methods
3. Workforce diversity- dealing with employees of
divergent background.
4. Awakened customer- customer rules the business
5. Stringent government norms- environment,
labour, taxation, quality etc.
6. Innovation-creative destruction- reduced product
life cycle.
 Theories of management
• Management is practiced from age old centuries through
different civilizations, like harappan , egyptian and etc..
• But study and research started about 100 years ago
• There are five important management theories
1. Management theory of Bureaucracy by Max Weber
2. Management theory of Scientific Management by FW Taylor
3. Management theory of Administrative theory by
Henry Fayol
4. Management theory of Human Relations by Elton Mayo
(Hawthorne studies)
5. Modern Management theory by Peter Drucker

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 Bureaucracy by Max Weber
• Jobs are divided into
specialized tasks
• Standardized process-
rigorous rules
• Well defined hierarchy
• Life long employment
Max Weber (1864-1920) • Career progression based
German sociologist on qualifications
• Centralized power

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 Scientific Management
1. One best way to do the job
2. Differential wages linked to
productivity
3. Careful selection and training of
workers
4. Division of labour and
distribution of work between
• Frederick Winslow management and workers
Taylor(1856-1915) 5. Harmonious relationships
• 1878- joined as worker at between management and
Midvale steel works.
workers
• Graduated in science and 6. Specialization and division of
labour
engineering through evening
study 7. Time and motion study
• 1898- joined Bethlehem steel 8. Overall objective- efficiency of
company as Engineer
the labour

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Limitations of scientific management
1. Impersonal approach
2. Emphasis only on material needs
3. Monotonous and boring jobs
4. Exploitation device
5. Anti democratic
6. Harsh and difficult to perform
 Administrative theory by
Henry Fayol
Industrial activities are
classified into six
categories
1. Technical
Henry Fayol(1841-1925) 2. Commercial
French mining engineer
3. Financial
4. Accounting
5. Security
6. Managerial

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 Administrative theory
14 PRINCIPLES OF ADMINISTRATIVE THEORY
1. Division of work: specialization increases output
2. Authority: managers should have right to give orders and own responsibility
3. Discipline: employees must follow the rules
4. Unity of command: every employee should receive orders from only one boss
5. Unity of direction: there should be single plan of action to guide workers
6. Subordination of individual interests to the general interests
7. Remuneration: workers must be paid a fair wages for their work
8. Centralization: major decisions should be taken at the top level
9. Scalar chain: Authority should run from top to bottom in proper channel
10. Order: there should be a place for everything and every thing should be in its place
11. Equity: managers should be kind and fair to their workers
12. Stability of the jobs: workers must have job stability
13. Initiative: employees should be allowed to use creativity and take initiatives
14. Esprit de crops: promoting team work for productivity
 Scalar Chain and the “Gangplank”
• The “gangplank” is a means
for providing lateral
communications.
• The Foreman (F) wishing to
communicate with Foreman
(P) without reporting
upward through the
President (A) can use a
“gangplank to bypass
organizational red tape”

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 Scalar Chain and the “Gangplank”

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 Neo classical theory-Human relations
(HAWTHORNE STUDIES)
• Elton Mayo (1880-1949)
• Harvard University

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 Human relations theory
• Phase-1-Illumination experiments (in 1924)
• At the Hawthorne plant of western electric
company
• Increasing the light at work place did
increase productivity but
• control group also produced more
• Even when lighting reduced; productivity
went up on a moon light day.
 Human relations theory
•Relay assembly test: phase II (in 1925)
•The experimental group of employees were given
•Freedom to fix work schedules
•Six breaks of five minutes per shift were allowed
•Work day and week were shortened
•Work was simplified
•Financial incentives for increased production
•Friendly supervision
•These kinds of special attention and treatment
enhanced productivity ( i.e. Hawthorne Effect)
 Human relations theory
•Interviewing programme: phase III (in 1928)
•Interviewed 21000 employees to find the
reasons for increased productivity
•Informal work groups and their productivity
norms were recognized as the main causes for
productivity.
 Human relations theory
•Phase 4- Terminal bank wiring observation
experiment (in 1929).
•Team work and performance based incentives
introduced
•Efficient workers did not pressure the others to
work more for benefiting by incentive scheme.
•They formed group norms to regulate the
productivity.
 Human relations theory
• The group norms were
• Don’t turn out too much work
• Don’t turn out too little work
• Don’t tell supervisors anything that would harm a
colleague
• Don’t be too officious-rather follow group norms.
• Ultimate finding of all experiments
• PEOPLE ARE NOT MERELY THE ECONOMIC BEINGS
RATHER THEY ARE SOCIAL BEINGS

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 PLANNING DEFINITION
• PLANNING INVOLVES SELECTING MISSIONS
AND OBJECTIVES AND DECIDING ON THE
ACTIONS TO ACHIEVE THEM,IT REQUIRES
DECISION MAKING,THAT IS , CHOOSING A
COURSE OF ACTION FROM AMONG
ALTERNATIVES

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 Purpose of planning
• It gives direction
• Brings clarity
• Sets the standards
• Reduces the
impact of change
• Minimizes wastes
• Reduces
uncertainty
• Enhances
efficiency
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 Levels of planning
• Corporate level- for managing
multiple lines of businesses.
• Example: Tata Sons decide a
strategy for all its group
companies
• Business level: for managing
one line of business
• Example: Tata Sons decide a
strategy for its mobile phone
business
• Functional level: for managing
one function of the business
• Example: Tata Sons decide a
strategy for its HRM functions

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 RELATIONSHIP OF PLANNING AND
CONTROLLING

NEW PLANS

CONTROLLING,
IMPLEMENTATION
PLANNING COMPARING PLANS
OF PLANS
WITH RESULTS

CORRECTIVE ACTIONS

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 TYPES OF PLANS
1. MISSIONS OR PURPOSES
2. OBJECTIVES OR GOALS
3. STRATEGIES
4. POLICIES
5. PROCEDURES
6. RULES
7. PROGRAMS
8. BUDGETS
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 MISSION
• MISSION OR PURPOSE IDENTIFIES THE BASIC
PURPOSE OR FUNCTION OR TASKS OF AN
ENTERPRISE OR AGENCY.

• EVERY KIND OF OPERATION HAS A MISSION OR

PURPOSE

• Eg: THE PURPOSE OF A HIGHWAY

DEPARTMENT IS THE DESIGN,BUILDING &
OPERATION OF A SYSTEM OF STATE HIGHWAYS

• Eg: PURPOSE OF AN UNIVERSITY IS TEACHING,

RESEARCH

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 OBJECTIVES OR GOALS
• ARE THE ENDS TOWARDS WHICH
AN ACTIVITY IS AIMED

• THEY REPRESENT THE END POINT

OF PLANNING

• ALSO THE END TOWARD WHICH

ORGAINING,STAFFING,LEADINGAN
D CONTROLLING ARE AIMED

• Eg: ACHIEVING A SALES TARGET OF

Rs1 CRORE IN THE FIRST QUARTER
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 STRATEGIES
• Determination Of The Basic Long Term
Objectives Of An Enterprise And The
Adoption Of Courses Of Action &
Allocation Of Resources Necessary To
Achieve These Goals

• Eg: Strategy Of Recruiting Employees

Who Stays Nearby A Company ,Which
Saves Traveling Time
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 POLICIES
• POLICIES ARE ALSO PLANS.THEY ARE GENERAL
STATEMENTS OR UNDERSTANDINGS THAT
GUIDE OR CHANNEL THINKING IN DECISION
MAKING

• Eg: POLICIES OF PROMOTION

• Eg: POLICIES OF HIRING EXPERIENCED
ENGINEERS

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 PROCEDURES
• Are plans that establish a required
method of handling future activities

• They are chronological sequences

of required actions

• Eg: procedure in the allocation of

vacation to employees in a
company in order to avoid
disruption of work

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 RULES
• Rules spell out specific required
actions allowing no discretion.

• They are the simplest type of plan

• Eg; No smoking is a rule that

allows no deviation from the
stated course of action

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 PROGRAMS
• Are a complex of goals, policies,
procedures, rules, task assignment,
steps to be taken, resources to be
employed and other elements
necessary to carry out a given
course of action

• Eg: an airline’s program to acquire a

$400 million fleet of jet planes

• Eg; Program to improve the

performance of supervisors
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 BUDGETS
• A budget is a statement of expected
results expressed in numerical terms

• It may be called as quantified plan

• It may be expressed in terms of

labor –hours,units of products or
measurable terms

• Eg: a department budget of Rs 50

lakhs towards computerisation

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 STEPS IN PLANNING
 BEING AWARE OF THE OPPORTUNITIES
 SETING OBJECTIVES OR GOALS
 CONSIDERING PLANNING
PREMISES(ENVIRONMENT)
 IDENTIFYING ALTERNATIVES
 COMPARING ALTERNATIVES IN LIGHT OF GOALS
 CHOOSING AN ALTERNATIVE
 FORMULATING SUPPORTING PLANS
 QUANTIFYING PLANS BY MAKING BUDGETS
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 OBJECTIVES
• ARE DEFINED AS THE IMPORTANT ENDS
TOWARD WHICH ORGANISATIONAL AND
INDIVIDUAL ACTIVITIES ARE DIRECTED

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 HIERARCHY OF OBJECTIVES

BOTTON –UP APPROCAH

TOP-DOWN APPROCAH

SOCIO- BOARD OF
ECONOMIC DIRECTORS
PURPOSE
MISSION TOP LEVEL
OVERALL OBJECTIVES MANAGERS
SPECIFIC OBJECTIVES MIDDLE LEVEL
MANAGERS
DIVISION OF OBJECTIVES
DEPARTMENT OBJECTIVES LOWER LEVEL
MANAGERS
INDIVIDUAL
OBJECTIVES
HIERARCHY OF ORGANISATIONAL OBJECTIVES
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 TYPES OF OBJECTIVES
NON
VERIFIABLE
VERIFIABLE
OBJECTIVES
OBJECTIVES
• TO ACHIEVE
MAKE REASONABLE
A ROI OF 12%
PROFIT
AT THE END OF FISCAL YEAR
• TO ISSUE
IMPROVE
A 2 PAGE
COMMUNICATION
NEWS LETTER FROM JULY INVOLVING NOT
MORE THAN 40 HRS OF PREPARATION TIME

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 RULES FOR WRITING OBJECTIVES
• Each objective should contain end result

• Objective should be specific

• Objectives should be measurable

• Objectives should be realistic

• Objectives should be time bound

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 MBO
 Management by Objectives MBO
 Jointly setting objectives by the
managers and employees at
 At business level, unit level, group
level and individual level
 Periodical evaluation of
performance
 Providing feedback to the
employee
 Reward according to the results.
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 Planning Premises : concept
• Planning premises are vital to the success of planning as they
supply pertinent facts and information relating to the future
such as population trends, the general economic conditions,
production costs and prices, probable competitive behavior,
capital and material availability, governmental control and so
on.
• Planning premises are classified under
• Internal and external premises
• Tangible and intangible premises
• Controllable and non controllable premises

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 Developing effective planning premises
• Internal and external premises:
• Internal premises include sales forecasts, policies
and programmes, capital investment in plant and
equipment, competence of management, skill of
the labor force, and other resources
• External premises include: General business and
economic environment, technological changes,
government policies and regulations, population
growth, political stability, sociological factors,
demand for industry’s product
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 Tangible and intangible premises

• Tangible premises are those which can be

quantitatively measured while intangible premises
are those which being qualitative in character cannot
be so measured
• Tangible premises: Population growth, industry
demand, capital and resources invested in the
organisation
• Intangible premises: Political stability, sociological
factors, business and economic environment,
attitudes, philosophies and behavior of the owners
of the organisation
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 Controllable and non controllable premises

• Controllable premises: company’s advertising

policy, competence of management, labor
skill, availability of resources
• Uncontrollable premises: wars strikes, natural
calamities, emergency, legislation

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 DECISION MAKING
• IS DEFINED AS THE SELECTION OF A COURSE
OF ACTION AMONG ALTERNATIVES,IT IS THE
CORE OF PLANNING

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 DECISION MAKING PROCESS
• PREMISING

• IDENTIFYING ALTERNATIVES

• EVALUATING ALTERNATIVES

• CHOOSING AN ALTERNATIVE (MAKING A

DECISION)

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 SEARCH FOR ALTERNATIVES
Eg: PRODUCTIVITY CAN BE INCREASED BY

• WORKING FOR LONG HOURS

• CUTTING COSTS

• INCREASED MORALE/MOTIVATION

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 SELECTION OF AN ALTERNATIVE
• PAST EXPERIENCE

• RESEARCH ANALYSIS

• EXPERIMENTATION

• RANDOM CHOICE

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 EVALUATION OF ALTERNATIVES
• QUANTITATIVE FACTORS Eg; TIME,COST
• QUALITATIVE FACTORS Eg: QUALITY OF LABOR
RELATIONS,TECHNOLOGY CHANGE
• MARGINAL ANALYSIS : ADDITIONAL COST AND
REVENUE
• COST EFFECTIVE ANALYSIS: LEAST COSTLY WAY
OF ACHIEVING RESULTS

01/14/2021 Dr.MEERA UDAY 88

 Programmed
decisions
Routine situations
Recurring in nature
Ready made solutions
Limited use of creativity

Example:PROCUREMENTOF
REGULAR RAWMATERIALS
BY A PURCHASE MANAGER

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 Non programmed decisions
 Peculiar Problems
 Unheard In The Past
 No Ready Made Solutions
 Involves Thinking
 Use Of Untested Approaches
 Consultation
 Creativity
 Example: 1)A Customer is not happy
with A world class product or service
 2)An employee meets with an accident
and his replacement for the post

01/14/2021 Dr.MEERA UDAY 90

 RELATION OF DECISION MAKING AND
HIEARCHY

NON-PROGRAMMED
DECISIONS

PROGRAMMED
DECISIONS

HIERARCHY NATURE OF DECISION MAKING

01/14/2021 Dr.MEERA UDAY 91

 Other tools for decision making
 Breakeven analysis- volume of
sale/revenue which results in profit.
 Capital budgeting- No. of years it takes
to recover the investment made.
 Linear programming: Optimum allocation
of resources.
 Queuing theory:- optimum number of
people required for effectiveness
 Probability theory:- assuming the
probability of success a or failure for
each alternative.

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DECISION MAKING UNDER CERTAINITY
• Cause and effect relationship are known

• Eg: establishing shopping malls in cities

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 DECISION MAKING UNDER UNCERTAINITY,
RISK
• UNSURE OF THE SITUATION , DATA ARE
NOT RELIABLE

• Eg: A COMPANY’S EXPANSION INTO AN

UNFAMILIAR COUNTRY

• CULTURE,LAWS,ENVIRONMENT,
POLITICS INVOLVES RISK

01/14/2021 Dr.MEERA UDAY 94

 Group approaches to
decision making
 Brainstorming- Generating creative
ideas from people.
 Role play:- Generating novel alternatives
through role play and fantasizing
 Nominal grouping: Generating and
evaluating alternatives by voting method.
 Consensus mapping- evolving group
agreement
 Delphi technique- using confidential
questionnaire to refine a solution

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 DECISION TREE

Creating a diagram of
alternatives

Choosing the best one

among the alternatives

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 DECISION TREE
Expected Monetary Value (EMV)
Example

14

01/14/2021 Dr.MEERA UDAY 97