Question 1: Discuss different types of problems we faced in decision making process?
Answer:
Types of Problems
Nature of problem determines the approach to decision making to be followed to solve it. There are three broad categories.
Structured
Well-structured problems are constrained problems with convergent solutions that engage the application of a limited number of rules and principles within well-defined parameters.
Unstructured
Problems possess multiple solutions, solution paths, fewer parameters which are less manipulate able, and contain uncertainty about which concepts, rules, and principles are necessary for the solution or how they are organized and which solution is best.
Semi-structured
A gray area lies between the structured and unstructured range. Here part of the decision can be specified allowing for certain factors out of control. Page 69
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vu mth718 Topics in Numerical Methods.
It can also be found in
vu mth718 Mid Term Solved Past Paper No. 7.
