decision analysis

decision theory or decision analysis
Gen Mgt
a body of knowledge that attempts to describe, analyze, and model the process of decision making and the factors influencing it. Decision theory encompasses both formal mathematical and statistical approaches to solving decision problems, using quantitative techniques such as probability and game theory, and more informal behavioral approaches. It is used to inform and assist decision making in organizations.

The ultimate business dictionary. 2015.

Look at other dictionaries:

  • Decision analysis — (DA) is the discipline comprising the philosophy, theory, methodology, and professional practice necessary to address important decisions in a formal manner. Decision analysis includes many procedures, methods, and tools for identifying, clearly… …   Wikipedia

  • Decision Analysis - DA — 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… …   Investment dictionary

  • decision analysis — a method that evaluates the expected outcomes, e.g. average catch, constancy of catch, probability of rebuilding to a given biomass target, etc., of alternative management controls used when there is uncertainty. A decision analysis can also… …   Dictionary of ichthyology

  • decision analysis — a statistical method used for delineating the probabilities of various outcomes by determining the probabilities of each option available at each point where a decision can be made; often graphed as a decision tree to display the array of choices …   Medical dictionary

  • Decision analysis cycle — The decision analysis (DA) cycle is the top level procedure for carrying out a decision analysis. The traditional cycle consists of four phases: basis development determinisitic sensitivity analysis probabilistic analysis basis appraisal. The… …   Wikipedia

  • Multi-criteria decision analysis — Multiple criteria decision making or multiple criteria decision analysis is a sub discipline of operations research that explicitly considers multiple criteria in decision making environments. Whether in our daily lives or in professional… …   Wikipedia

  • Multi-Criteria Decision Analysis — (MCDA), or Multi Criteria Decision Making (MCDM), is a discipline aimed at supporting decision makers who are faced with making numerous and conflicting evaluations. MCDA aims at highlighting these conflicts and deriving a way to come to a… …   Wikipedia

  • Decision engineering — framework Decision Engineering is a framework that unifies a number of best practices for organizational decision making. It is based on the recognition that, in many organizations, decision making could be improved if a more structured approach… …   Wikipedia

  • Decision theory — in economics, psychology, philosophy, mathematics, and statistics is concerned with identifying the values, uncertainties and other issues relevant in a given decision, its rationality, and the resulting optimal decision. It is closely related to …   Wikipedia

  • Decision-making software — (DMS) is a term integrating decision analysis tools to facilitate a person s decision making process, which results in a choice of a course of action or a variant among several alternatives. DMS belongs to the class of decision support systems… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.