Announcement

About FORBS

Most often organizations are confronted with questions like how to make a good decision? What is really a good decision? What constitutes a poor decision? Is there any pattern in the decisions made? In the quest for finding answers to these questions, the contributions of several disciplines like statistics, mathematics, sociology, economics, information technology, operations research and behavioral science need to be acknowledged. In other words ―Decision Sciences incorporate an economic framework — a consistent, rational and objective system to ―price each possible outcome, taking into account risks and rewards. Therefore, though apparently Operations Research is a specialized field and is treated as a mutually exclusive domain by researchers and practitioners of various streams of business studies, there is an intrinsic mutual dependency. In any area of business, decisions are based on the consideration of multiple objectives and constraints with the aim to arrive at a rational outcome. It is therefore essential that we take a holistic view of managerial decision making and take into account developments not only in the field of Operations Research but also other disciplines and allied areas of management.