Handbook of Decision Analysis

Decision analysis is the discipline comprised of the philosophy, theory, methodology, and professional practice necessary to address important decisions in a formal manner. The field includes many procedures, methods, and tools for identifying, clearly representing, and formally assessing the important aspects of a decision situation. Managers, especially those in a technical environment, regularly face complex decisions involving uncertainty and multiple objectives. Often the decision contexts cross organizational boundaries and require various sources of expertise. Experience in conjunction with some analysis and intuition may be a popular decision approach; however, these qualities do not lend themselves to the logic behind the decision. Formal decision analysis, by providing powerful tools for addressing complex decisions that involve uncertainty and multiple objectives, allows the practitioner to approach any decision in a systematic way, enabling the identification and assessment of the factors influencing the outcome-- Provided by publisher.