This programme examines lean thinking and techniques for decision analysis with emphasise on the lean approach and responsiveness to the customer requirements. Decision-making is the most central human activity, intrinsic in our biology and done both consciously and unconsciously. We need it to survive. Taking a decision is not just a question of selecting a best alternative. Often one needs to prioritise all the alternatives for resource allocation among a portfolio of option, or to examine the effect of changes introduced to initial judgments.
Breaking a problem down into its constituent parts or components, in the framework of a hierarchy, and establishing importance or priority to rank the alternatives is a comprehensive and general way to look at the problem in a formal manner. This kind of concern has been loosely called multi criteria decision-making (MCDM). In operational research and management science today, decision-making is essentially thought of in the focused area of research concerned with goals and criteria and how to measure and rank them.
In our complex world, there are usually many solutions proposed for each problem. Each of them would entail certain outcomes that are more or less desirable, more or less certain, in the short or long term, and would require different amounts and kinds of resources. We need to set priorities on these solutions according to their effectiveness by considering their benefits, costs, risks, and opportunities, and the resources they need.