analytical Q

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Table of Contents

1 Different Kinds of Decision Makers
2 The Basics
3 To Be or Not To Be
4 Multiple Attributes
5 Sequential Decisions
6 Decision Criteria
7 Flexibility and Robustness
8 Number of  Decision Makers
9 Human Judgement
10 Summary
Chapter 2

The Basics

Definitions of decision, alternatives, values, preferences, outcomes, uncertainty, criteria

Difference between decision analysis and decision making (the two camps)

Characteristics of decisions: a collectively exhaustive and mutually exclusive

  • number of decision makers: single or multiple
    • with or without uncertainty
    • number of objectives: single or multiple
    • single decision or linked
    • frequency of occurrence (of the decision)
    • meta decision?
    • complexity of involvement and analysis
    • consequence and impact (large or small)
  • Emotional involvement: how to quantify and qualify
  • Value of information: how much would and should you pay to reduce the uncertainty, to become more informed?

Types of decisions & examples

Use common decisions throughout anyone's life as examples.

Past Decisions (major to minor) Frequency of Occurrence Uncertainty? Multi-attribute Consequences
Choice of university once      
Choice of major once      
Choice of job several      
Choice of apartment or dwelling several      
Staying in job or not several      
Changing partners several      
Contracting or permanent employment or start-up new several      
Lifestyle decision: relocate or stay put?        
Continue working or return to school        
Rent or buy a home        
Continue dating or commit myself        
Change careers        
Health: to have surgery or not        
Financial investment        
Holiday plans        
Major purchase:  mountain bike, car, stereo, etc.