May 2025
Intermediate to advanced
400 pages
13h 54m
English
book
Handbook of Decision Analysis, 2nd Edition
by Gregory S. Parnell, Terry A. Bresnick, Eric R. Johnson, Steven N. Tani, Eric Specking
Content preview from Handbook of Decision Analysis, 2nd Edition
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9Perform Deterministic Analysis and Develop Insights
All models are wrong, but some are useful.
—George E. P. Box
9.1 Introduction
Our decision analysis approach is to develop and refine a model of how value is created and to use this to identify even better ways to create value. The model embodies what we call a composite perspective because it incorporates the combined views of decision‐makers, stakeholders, and experts. How the model responds to changes in inputs representing decision choices and uncertain factors may not be obvious from the individuals' ...
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