Decision analysis
Decision analysis is a systematic, quantitative and visual approach to addressing and informing complex decisions. This approach involves much more than just the building of decision trees. Decision analysis includes a range of procedures, methods, and tools for identifying, clearly representing, and formally assessing important aspects of a decision, for prescribing a recommended course of action by applying the maximum expected utility action axiom to a well-formed representation of the decision, and for translating the formal representation of a decision and its corresponding recommendation into insight for the decision maker and other stakeholders.
Overview[edit | edit source]
The decision analysis process involves a set of techniques that allow consideration of various aspects of decision making, including risk, uncertainty, objectives, alternatives, and trade-offs. These techniques are used to evaluate and compare the expected outcomes of alternative actions, and to identify the most desirable actions to implement.
Steps in Decision Analysis[edit | edit source]
The process of decision analysis includes the following steps:
- Identify the decision problem
- Specify the objectives
- Identify the alternatives
- Identify the uncertainties
- Specify the consequences
- Construct a decision tree
- Evaluate the decision tree
- Make the decision
Applications[edit | edit source]
Decision analysis has been used in a wide variety of applications, including business, medicine, engineering, public policy, and environmental science.
See Also[edit | edit source]
References[edit | edit source]
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Contributors: Prab R. Tumpati, MD