A typical problem solving process may look like this:
This process is simply inline with the rational decision making process and there are typical practical areas where the formal decision making of such process is required in terms of project management. These decision areas include estimation of costs, selection of various tools to be used, selection of the vendors who will be providing various equipment and services etc. However, decision making falls within two broader areas of decision making. These are progress decisions as well as adoption decisions. Progress decisions are basically taken in order to assess whether the project is meeting the assigned targets whereas adoption decisions are concerned about adding new goals to it.
As discussed above that there area various models available which decision analysts use. Decision analyst attempt to construct models of various decision situations. These models use mostly various mathematical tools such as graphics, equations and flow diagrams etc. The aim is always to provide various decision making parameters.
In its essence, decision analysis is a technique based on the set of statistical techniques however latest trends in the decision making process involve a broader view of the decision analysis while recognizing the contribution being made to the different phases of decision making process. The use of software is also another option which is being used for decision making purpose. These softwares include spreadsheets, statistics packages and different financial modeling packages. Specialized softwares are also available for the use. These softwares include decision pro, Precision Tree as well as Crystal Ball etc.
These software help a lot in order to better formalize the decision making process within the organization and help to make it more on rational decision making models. It is also very