December 2015
Intermediate to advanced
442 pages
10h 10m
English
Content preview from Adaptive Stochastic Optimization Techniques with Applications
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4 Decision Analysis Tools
4.1 Introduction
Decision analysis is a solution to problems with uncertainty and appears as a perfectly rational decision, which is made using numerical values for comparing and yielding fast results. It looks at the paradigm in which an individual decision-maker (or decision group) contemplates a choice of action or decision in an uncertain environment.
The problem so formulated uses the decision analysis (DA) technique to help individuals make a choice among a set of prespecified alternatives. Indeed, the process relies on information about the alternatives and the quality of information, which may vary from hard data to subjective interpretations, from certainty about decision outcomes (deterministic information) ...
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