Chapter1 - Module 1 INTRODUCTION TO DECISION ANALYSIS 1...

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1 Module 1 INTRODUCTION TO DECISION ANALYSIS
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2 Introduction To Decision Analysis Learning Objectives Reasons for studying decision analysis Basic sources of decision difficulty Decision analysis process Applications of decision analysis
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3 Why Study Decision Analysis? Managers are responsible for making decisions Structured frameworks benefit complex decisions
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4 Why Study Decision Analysis? The techniques can lead to better decisions Decisions are made more effectively and more consistently It helps managers deal with difficult decisions
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5 Why Study Decision Analysis? Help you think about the specific problem at hand Improve the quality of your decisions Provide tools that you can use to model decision situations
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6 Basic Sources of Difficulty 1. Complexity 2. Uncertainty 3. Multiple objectives 4. Different perspectives
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7 Basic Sources of Difficulty 1. Complexity Number of issues Quantity of data Number of stakeholders Absence of decision structure
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8 Basic Sources of Difficulty 2. Uncertainty Orientation to future Incomplete information
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This note was uploaded on 12/04/2011 for the course BUSINESS 500 taught by Professor John during the Spring '11 term at Kansas.

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Chapter1 - Module 1 INTRODUCTION TO DECISION ANALYSIS 1...

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