In the daily business operation decision-makers are faced with manyuduncertainties involved in the decision making. In circumstances where there isuduncertainty, the business decision-making process becomes more complex. Foraudlong time decision-makers cannot rely only on experience and intuition, but theyudmust take into consideration the fact that the complexity of the economic andudbusiness behavior cannot precisely include in process of making right decisionsudwhich will give maximum results.udIncluding the numerous factors that determine the risk and uncertainty inuddecision making, decision-makers in these circumstances cannot perform audcomplete analysis which will provide solutions that will generate positive results forudthe given problem. From that reason, there is a need of using quantitative analysisudwhich includes many quantitative methods and tools that create a wide range ofudnumerical methods that enable review and help in decision making.udThe importance of quantitative methods in business decision making isudperceived from the fact that with their use decision-makers can logically andudobjectively observe the given problem, to determine the key variables and the resultsudof the calculations, to analyze the problem and find an optimal solution, to compareudalternatives and select the best, to compare performances across differentudoperations and different time frames, to explain possible solutions and represent theudbest alternative, to justify the decision, and to overcome all subjective and biasedudattitudes.udThe subject of research in this master's thesis is the use of mathematicaludmodeling in the process of business decision making through the use of createdudmathematical models. The purpose is to develop models in the system of decisionudmaking, incorporating factors such as risk and opportunities, which can predict andudcompare the results of alternative decisions or strategies. In this way they will helpudthe decision-makers to determine the activities in direction toward finding an optimaludpolicy in business decision making and simplify the procedure of solving complexudreal problems.ududKey words: business decisions, quantitative analysis, quantitative methods,udmathematical models.
展开▼
