Publisher's Synopsis
Decision analysis includes many 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. A systematic, quantitative and visual approach to addressing and evaluating important choices confronted by businesses. Decision analysis utilizes a variety of tools to evaluate all relevant information to aid in the decision making process. A graphical representation of alternatives and possible solutions, as well as challenges and uncertainties, can be created on a decision tree or influence diagram. Decision analysis can be employed by large corporations when making multi-billion dollar capital investments. Critics of decision analysis cite "analysis paralysis" - the over-thinking of a situation to the point that no decision can be made - as a negative and likely outcome of decision analysis practices. Decision analysis especially concerned with quantitatively dealing with uncertainties (prescriptive decision-making researches how optimal decisions could be made, while descriptive decision-making targets to explain how people actually make decisions, regardless of decision quality), is found to be in fact rarely used in the decision-making of individuals. The hiatus between prescriptive decision analysis and descriptive approaches is greater in high-stakes decisions, made under time pressure. Decision analysts argue that it is not their aim to study the flaws in the way people actually make decisions. Studies have demonstrated the utility of decision analysis in creating decision-making algorithms that are superior to "unaided intuition" Advances in Decision Analysis is a compilation of research articles as well as review articles in all areas of decision sciences. This book draws special attention to experimentation in decision-making and its links to the cognitive sciences. It also addresses applications to various problems in management and organizational science, economics and finance, and computer-supported decision schemes. Particular topics addressed include preference and belief modeling, experimental decision-making under risk or uncertainty, decision analysis, multi-criteria decision modeling, game theory, negotiation theory, collective decision making, social choice, rationality, cognitive processes and interactive decision-making, and methodology of the decision sciences. Decision analysis includes many 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. A systematic, quantitative and visual approach to addressing and evaluating important choices confronted by businesses. Decision analysis utilizes a variety of tools to evaluate all relevant information to aid in the decision making process. A graphical representation of alternatives and possible solutions, as well as challenges and uncertainties, can be created on a decision tree or influence diagram. Decision analysis can be employed by large corporations when making multi-billion dollar capital investments. Critics of decision analysis cite "analysis paralysis" - the over-thinking of a situation to the point that no decision can be made - as a negative and likely outcome of decision analysis practices. Decision analysis especially concerned with quantitatively dealing with uncertainties (prescriptive decision-making researches how optimal decisions could be made, while descriptive decision-making targets to explain how people actually make decisions, regardless of decision quality), is found to be in fact rarely used in the decision-making of individuals. The hiatus between prescriptive decision analysis and descriptive approaches is greater in high-stakes decisions, made under time pressure. Decision analysts argue that it is not their aim to study the flaws in the way people actually make decisions. Studies have demonstrated the utility of decision analysis in creating decision-making algorithms that are superior to "unaided intuition" Advances in Decision Analysis is a compilation of research articles as well as review articles in all areas of decision sciences. This book draws special attention to experimentation in decision-making and its links to the cognitive sciences. It also addresses applications to various problems in management and organizational science, economics and finance, and computer-supported decision schemes. Particular topics addressed include preference and belief modeling, experimental decision-making under risk or uncertainty, decision analysis, multi-criteria decision modeling, game theory, negotiation theory, collective decision making, social choice, rationality, cognitive processes and interactive decision-making, and methodology of the decision sciences. Decision analysis includes many 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. A systematic, quantitative and visual approach to addressing and evaluating important choices confronted by businesses. Decision analysis utilizes a variety of tools to evaluate all relevant information to aid in the decision making process. A graphical representation of alternatives and possible solutions, as well as challenges and uncertainties, can be created on a decision tree or influence diagram. Decision analysis can be employed by large corporations when making multi-billion dollar capital investments. Critics of decision analysis cite "analysis paralysis" - the over-thinking of a situation to the point that no decision can be made - as a negative and likely outcome of decision analysis practices. Decision analysis especially concerned with quantitatively dealing with uncertainties (prescriptive decision-making researches how optimal decisions could be made, while descriptive decision-making targets to explain how people actually make decisions, regardless of decision quality), is found to be in fact rarely used in the decision-making of individuals. The hiatus between prescriptive decision analysis and descriptive approaches is greater in high-stakes decisions, made under time pressure. Decision analysts argue that it is not their aim to study the flaws in the way people actually make decisions. Studies have demonstrated the utility of decision analysis in creating decision-making algorithms that are superior to "unaided intuition" Advances in Decision Analysis is a compilation of research articles as well as review articles in all areas of decision sciences. This book draws special attention to experimentation in decision-making and its links to the cognitive sciences. It also addresses applications to various problems in management and organizational science, economics and finance, and computer-supported decision schemes. Particular topics addressed include preference and belief modeling, experimental decision-making under risk or uncertainty, decision analysis, multi-criteria decision modeling, game theory, negotiation theory, collective decision making, social choice, rationality, cognitive processes and interactive decision-making, and methodology of the decision sciences.
