Decision Analysis & Knowledge Management
"Good decision does not guarantee a good outcome, bad decision on the other hand
lead
to a good outcome purely by luck"
"Decision making is what you do when you don't know what to do"
"In any decision problem, the only thing that is certain is uncertainty"
What is Decision Analysis?
A methodology based
on a set of probabilistic frameworks which facilitates high-quality,
logical discussion, leading to
clear and compelling action by the decision maker.
Approaches to the study of decision making
(a)
Normative or prescriptive approach
(b) Descriptive
approach