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Decision analysis Essay Topics & Paper Examples

Decision Analysis

Chapter 4 DECISION ANALYSIS CONTENTS 4.1 PROBLEM FORMULATION Influence Diagrams Payoff Tables Decision Trees DECISION MAKING WITHOUT PROBABILITIES Optimistic Approach Conservative Approach Minimax Regret Approach DECISION MAKING WITH PROBABILITIES Expected Value of Perfect Information RISK ANALYSIS AND SENSITIVITY ANALYSIS Risk Analysis Sensitivity Analysis DECISION ANALYSIS WITH SAMPLE INFORMATION An Influence Diagram A Decision Tree Decision Strategy Risk Profile Expected Value of Sample Information Efficiency of Sample Information COMPUTING BRANCH PROBABILITIES 4.2 4.3 4.4 4.5 4.6 Decision analysis can be used to determine an optimal strategy when a decision maker is faced with several decision alternatives and an uncertain or risk-filled pattern of future events. For example, a global manufacturer might be interested in determining the best location for a new…

Decision analysis definition

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