Publisher's Synopsis
Encyclopaedia of Decision Analytics endorses the applications of computer technology, operations research, statistics, and simulation to decision making and problem-solving in all organizations and enterprises within the private and public sectors. It focuses on logical as well as dogmatic analytics taking organiza¬tions to a higher degree of intelligence and competitive advantage. While predictive analytics, such as forecasting, emphasize the future, prescriptive analytics, such as optimization, enable organizations to choose the best course of action. The combination of predictive and prescriptive analytics can help orga¬nizations achieve both efficiency and effectiveness. The purpose of this compilation is to assist decision makers in making better decisions in complex situations, usually under uncertainty. The quality of the decisions is measured by their expected consequences and the stated preferences of the decision maker(s). The decision analytic framework helps the decision maker think systematically about his or her objectives, preferences, and the structure and uncertainty in the problem, then model quantitatively these and other important aspects of the problem and their interrelationship.
