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Business Analytics Principles, Concepts, and Applications with SAS: What, Why, and How
book

Business Analytics Principles, Concepts, and Applications with SAS: What, Why, and How

by Marc J. Schniederjans, Dara G. Schniederjans, Christopher M. Starkey
October 2014
Beginner content levelBeginner
352 pages
8h 26m
English
Pearson
Content preview from Business Analytics Principles, Concepts, and Applications with SAS: What, Why, and How

G. Decision Theory

G.1 Introduction

Decision analysis involves a variety of methodologies that can be based on heuristics, principles, and optimization methodologies, all of which can aid decision-making. One common body of knowledge associated with decision analysis is referred to as decision theory. Decision theory (DT) is a field of study that applies mathematical and statistical methodologies to provide information on which decisions can be made. DT does not solve for optimal solutions like linear programming but instead is based on decision-maker preferences and principles to select choices and better satisfy needs, particularly for problem-solving environments. Before using these DT methodologies, one must know the elements of the DT model ...

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Publisher Resources

ISBN: 9780133989588Purchase book