Realismm, A Virtual Reality in Rational Managerial Decision Making

Rational decision making is generally perceived by managers of operations to be a delicate process of committing large sums of money and putting other people's life at risk. Consequently most managers may argue that the decision process requires good judgement, intuition and extreme caution; and not one easily made through the use of fancy mathematical algorithms and computer programs. The advent of artificial intelligence and expert systems in the computer industry combined with recent technological innovations in mathematical and economic problem solving is sure to change this perception. PARETO OPTIMALITY is an economic and a mathematical optimisation concept applied to solving real life operational problems; and one that the current volatile economic forces would require managers to employ because it is virtually real. REALISMM is a computer software package developed using the principles of Pareto optimality, dynamic programming, optimal clustering of information and decision maker interaction to generate decision maker preferred solutions. REALISMM has scope for artificial intelligence and expert systems application for cases where the decision maker is unsure about his objective preferences.