ROBUST DECISION MAKING AND CRITICAL EVALUATION OF CHOICES

Topic 

ROBUST DECISION MAKING AND CRITICAL EVALUATION OF CHOICES

Instructions 

Write an analysis paper on robust decision making and critical evaluation of choices

Answer Preview 

The first tool used was Scenario Planning. This is an alternative way of dealing with uncertainty in decisions. In this case multiple scenarios are pen-pictured with the view of trying to see what possibilities lie ahead. Each scenario has a small probability of occurrence but the range of a set of scenarios can be constructed in such a way as to bind the uncertainties that are seen in the future. Waveriders is poised to venture into a new market. The future is not certain about how the product will be perceived by potential customers but expectations area high about its breakthrough. The issue of concern is whether to go ahead with the plan. Here, the horizon year is captured in the scenario. Predetermined trends also have a bearing as to how the smart fishing boat will perform in the market.

Word Count: 2500