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Decision Analysis: Learning Objectives

This chapter discusses decision analysis and making decisions under uncertainty. It outlines the six steps in decision making, types of decision environments, and making decisions under uncertainty and risk. The chapter also covers developing decision trees, estimating probabilities through Bayesian analysis, and using utility theory in decision making. Key topics are introduced including introduction, decision trees, Bayesian analysis, and utility theory.

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Niah Winnie Dayrit
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19 views3 pages

Decision Analysis: Learning Objectives

This chapter discusses decision analysis and making decisions under uncertainty. It outlines the six steps in decision making, types of decision environments, and making decisions under uncertainty and risk. The chapter also covers developing decision trees, estimating probabilities through Bayesian analysis, and using utility theory in decision making. Key topics are introduced including introduction, decision trees, Bayesian analysis, and utility theory.

Uploaded by

Niah Winnie Dayrit
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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CHAPTER 3

Decision Analysis

LEARNING OBJECTIVES

After completing this chapter, students will be able to:

1. List the steps of the decision-making process. 6. Revise probability estimates using Bayesian analysis.
2. Describe the types of decision-making environments. 7. Use computers to solve basic decision-making
3. Make decisions under uncertainty. problems.
4. Use probability values to make decisions under risk. 8. Understand the importance and use of utility theory
5. Develop accurate and useful decision trees. in decision making.

CHAPTER OUTLINE

3.1 Introduction 3.6 Decision Trees


3.2 The Six Steps in Decision Making 3.7 How Probability Values Are Estimated by
3.3 Types of Decision-Making Environment Bayesian Analysis
3.4 Decision Making Under Uncertainty 3.8 Utility Theory
3.5 Decision Making Under Risk

Summary ● Glossary ● Key Equations ● Solved Problems ● Self-Test ● Discussion Questions and Problems
Internet ● Homework Problems ● Case Study: Starting Right Corporation ● Case Study: Blake Electronics
Internet Case Studies ● Bibliography
Appendix 3.1: Decision Models with QM for Windows
Appendix 3.2: Decision Trees with QM for Windows

1
CHAPTER 3
Decision Analysis

LEARNING OBJECTIVES

After completing this chapter, students will be able to:

1. List the steps of the decision-making process. 6. Revise probability estimates using Bayesian analysis.
2. Describe the types of decision-making environments. 7. Use computers to solve basic decision-making
3. Make decisions under uncertainty. problems.
4. Use probability values to make decisions under risk. 8. Understand the importance and use of utility theory
5. Develop accurate and useful decision trees. in decision making.

CHAPTER OUTLINE

3.1 Introduction 3.6 Decision Trees


3.2 The Six Steps in Decision Making 3.7 How Probability Values Are Estimated by
3.3 Types of Decision-Making Environment Bayesian Analysis
3.4 Decision Making Under Uncertainty 3.8 Utility Theory
3.5 Decision Making Under Risk

Summary ● Glossary ● Key Equations ● Solved Problems ● Self-Test ● Discussion Questions and Problems
Internet ● Homework Problems ● Case Study: Starting Right Corporation ● Case Study: Blake Electronics
Internet Case Studies ● Bibliography
Appendix 3.1: Decision Models with QM for Windows
Appendix 3.2: Decision Trees with QM for Windows

2
CHAPTER 3
Decision Analysis

LEARNING OBJECTIVES

After completing this chapter, students will be able to:

1. List the steps of the decision-making process. 6. Revise probability estimates using Bayesian analysis.
2. Describe the types of decision-making environments. 7. Use computers to solve basic decision-making
3. Make decisions under uncertainty. problems.
4. Use probability values to make decisions under risk. 8. Understand the importance and use of utility theory
5. Develop accurate and useful decision trees. in decision making.

CHAPTER OUTLINE

3.1 Introduction 3.6 Decision Trees


3.2 The Six Steps in Decision Making 3.7 How Probability Values Are Estimated by
3.3 Types of Decision-Making Environment Bayesian Analysis
3.4 Decision Making Under Uncertainty 3.8 Utility Theory
3.5 Decision Making Under Risk

Summary ● Glossary ● Key Equations ● Solved Problems ● Self-Test ● Discussion Questions and Problems
Internet ● Homework Problems ● Case Study: Starting Right Corporation ● Case Study: Blake Electronics
Internet Case Studies ● Bibliography
Appendix 3.1: Decision Models with QM for Windows
Appendix 3.2: Decision Trees with QM for Windows

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