Transcription of DECISION ANALYSIS Chapter 4 - swlearning.com
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DECISION ANALYSIS Chapter 4 - swlearning.com
DECISION FORMULATIONI nfluence DiagramsPayoff TablesDecision MAKING WITHOUT PROBABILITIESO ptimistic ApproachConservative ApproachMinimax Regret MAKING WITH PROBABILITIESE xpected 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 PROBABILITIESD ecision 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. For example, a global manufacturermight be interested in determining the best location for a new plant.
Risk Analysis Sensitivity Analysis 4.5 DECISION ANALYSIS WITH SAMPLE INFORMATION An Influence Diagram A Decision Tree Decision Strategy Risk Profile Expected Value of Sample Information Efficiency of Sample Information 4.6 COMPUTING BRANCH PROBABILITIES Decision analysis can be used to determine an optimal strategy when a de-
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