Abstract
This paper is a practical example of utilizing Game Theory for effective Consensus Decision Making.
In today's ever increasingly multifaceted world, there is an essential need for complex decisions to be resolved in a responsible optimum manner. The solution process needs to be suitably applied, that appropriately resolves the issue. In most cases, utilising Industrial Engineering (IE) Techniques, will result in suitable outcomes.
The decision requirements can include personal, business, governance, bureaucratic, environmental, technical and other outcomes, that require resolutions that may have short-, medium- or long-term impacts.
Industrial Engineering Practices such as Consensus Decision Making (CDM) utilizing Game Theory (GT), can be utilized effectively, that can in most cases, lead to optimal conclusions that benefit collectively in a Holistic manner. It should be noted that GT leads to optimized solutions and NOT to universally accepted outcomes in some cases.
Due to circumstances, the need for effective consensus decision requirements, is a major challenge. This is mainly due to the participants varying vested interests, backgrounds etc. This can lead to conflict or disagreement.
The challenge then becomes how best to solve the challenges for optimum outcomes that satisfy all or the majority of the parties involved to a greater extent.
A solution is the introduction of Consensus Decision Making Utilising Game Theory. Consensus Decision Making allows for a positive methodology, treating all participants equally, leading to meaningful agreements for the group.
To Read or Download the Article PDF