Quantitative Analysis: Utilizing mathematical and statistical techniques to analyze data and quantify the potential outcomes of different decisions. This includes methods such as cost-benefit analysis, regression analysis, and decision trees.
Qualitative Analysis: Incorporating subjective factors such as expert opinions, market trends, and customer preferences into decision making. Qualitative methods like SWOT analysis, scenario planning, and brainstorming are commonly used.
Decision Support Systems (DSS): Leveraging technology and data-driven tools to facilitate decision making, providing managers with real-time information, predictive analytics, and simulation capabilities.
Risk Management Frameworks: Implementing frameworks like Monte Carlo simulation, sensitivity analysis, and risk matrices to identify, assess, and mitigate risks associated with different decisions.