Decision Management Modeling

Decision management is the process by which organizations determine the best ways to utilize the resources that they have to optimize their interactions with customers, suppliers, competitors, partners, and general stakeholders. At its heart, decision management is a study in statistics, giving people a systematic process by which they might determine which option, among several developed alternatives, is the best despite having to make that choice in a state of uncertainty, having incomplete information. Every day people are faced with a great number of decisions that they must make, many being mundane and routine, while others are of great consequence. During times of warfare, the consequences of a decision can be dire, so each option must be carefully considered but certainly with a sense of urgency. Regardless of the importance, however, each decision is still a product of two things: the resources available to the parties involved, and the probability of estimated outcomes using our limited availability of information as the decision is being made.