Making a good group decision (low risk) in Singapore under an environment that has time and cost constraints
Loo, Sok Hiang Candy
Langford, Gary O.
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Organizations in Singapore operate in a highly competitive and fast-paced work environment that presents decision-making challenges at the individual, group, and organization levels. A key problem is achieving good decision fitness within time and cost constraints. While many decision-making theories and processes address the fundamental decision-making process, there is limited research on improving the group decision-making framework to eliminate bias and promote effective communication. Using a collaborative approach built on systems engineering and decision-making theories, this thesis aims to improve the group decision-making framework to ensure good decision fitness and proper risk management. This thesis discusses how organizations in Singapore can make group decisions under time and cost constraints by leveraging efficient communication of information, considering the critical elements to ensure good decision fitness, and managing the decision loss quality through the computation of risk value.
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