DECISION ANALYSIS Chapter 4 - Cengage Learning

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DECISION FORMULATIONInfluence DiagramsPayoff TablesDecision MAKING WITHOUT PROBABILITIESOptimistic ApproachConservative ApproachMinimax Regret MAKING WITH PROBABILITIESExpected Value of Perfect ANALYSIS AND SENSITIVITY ANALYSISRisk AnalysisSensitivity ANALYSIS WITH SAMPLE INFORMATIONAn Influence DiagramA DECISION TreeDecision StrategyRisk ProfileExpected Value of Sample InformationEfficiency of Sample BRANCH PROBABILITIESDecision ANALYSIS can be used to determine an optimal strategy when a de-cision maker is faced with several DECISION alternatives and an uncertain orrisk-filled pattern of future events.

DECISION ANALYSIS CONTENTS 4.1 PROBLEM FORMULATION Influence Diagrams Payoff Tables Decision Trees 4.2 DECISION MAKING WITHOUT PROBABILITIES Optimistic Approach Conservative Approach Minimax Regret Approach 4.3 DECISION MAKING WITH PROBABILITIES Expected Value of Perfect Information

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