Decision analysis ( Supply Chain management class ) Research Paper

Decision analysis ( Supply Chain management class ) - Research Paper Example The literature review conducted for a research study assists the researcher to develop a theoretical knowledge regarding the subject matter with the help of the research works of eminent authors and scholars. The literature review of the current paper has been framed on the basis of books, journals and other scholarly publications. The purpose behind using such materials is to create appropriate academic basis for accomplishing the research. Through the literature review, the researcher is able to attain clarity of ideas. It also assists in the development of suitable grounds for studying the subject of the study. It has been ensured by the researcher that the literature review lays its focus on the primary objectives of the paper which is to critically evaluate the role of decision analysis in supply chain management. At the end, a conclusion has been formulated on the basis of the study. In the recent age, the concept of decision analysis has gained popularity in the business strategic management. The fast increasing impact which this field of decision making has created on organizations, both private and public is noticeable. The business units are always engaged in making strategic and critical decisions in order to gain over their competitors and to succeed in the long run. Major progress in theory, computational techniques and modeling tools are attributed to the leaps in computer science which has made the decision making process an integral division of business (Cooper & Schindler, 2003). Anderson, et al. (2015) defines Decision analyses as a systematic, visual and quantitative approach utilized by the companies in order to evaluate and address vital choices that the businesses deal with. Decision analysis implements different tools to extract all relevant data that are required to find an optimal solution in the process of decision making. The term decision analysis was first coined by Ronald A. Howard in 1964 (Hatten, 2015).