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    Description and applications of decision making tools

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    I need three decision making tools and/or techniques with a description of each and a practical application such as when one would and when one would not use the tool/technique.

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    Three decision making tools/techniques are:

    1) Cost benefit Analysis: Cost/Benefit Analysis is a relatively* simple and widely used technique for deciding whether to make a change. As its name suggests, to use the technique simply add up the value of the benefits of a course of action, and subtract the costs associated with it.

    In its simple form, cost/benefit analysis is carried out using only financial costs and financial benefits. For example, a simple cost/benefit analysis of a road scheme would measure the cost of building the road, and subtract this from the economic benefit of improving transport links. It would not measure either the cost of environmental damage or the benefit of quicker and easier travel to work.

    It is ...

    Solution Summary

    This solution discusses decision making tools.