Application Of Management Science Tools To Effective Decision Making: A Case Study Of Smart Hvac Products In Qatar
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Qatar is a fast-developing country, and this rapid growth increases the need for the introduction of new product ideas to the market aiming to satisfy customer’s needs. However, not all product ideas are equally attractive and not products are applicable since some product ideas require high investments and tend to have a high risk. Moreover, recent studies have shown that the process of applying new product screening techniques is very crucial to the company’s managers, where the process of investigating the products successfulness saves significant investments and opportunity costs, without killing the newly generated product ideas. Unfortunately, some managers still take decisions regarding new product ideas informally and in an unsystematic way although there is always room for improvements in the area of decision making. In this project, an actual application of management science tools including the Monte-Carlo Simulation and the Analytic Hierarchy Process (AHP) are illustrated as decision support tools to aid the CEO of Company X in Qatar to select the best product idea to pursue. The project aims to show the CEO of Company X how such tools are useful in decision making when conflicting objectives and complex situations arise, and the final decision to be made becomes ambitious.
- Engineering Management [41 items ]