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5.4. Decision analysis in engineering-economic modeling

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  • Logan, Douglas M.

Abstract

Decision analysis is a methodology for making decisions with uncertain outcomes and difficult trade-offs. Its purpose is to evaluate the alternatives available to a decision maker and to rank them in light of his information and preferences. The treatment of information and preferences is comprehensive: Decision analysis integrates whatever information is available-whether based on subjective judgment or on any level of modeling or information gathering-together with the consideration of all relevant outcomes (monetary or non-monetary) into the recommendation.

Suggested Citation

  • Logan, Douglas M., 1990. "5.4. Decision analysis in engineering-economic modeling," Energy, Elsevier, vol. 15(7), pages 677-696.
    • Handle: RePEc:eee:energy:v:15:y:1990:i:7:p:677-696
    DOI: 10.1016/0360-5442(90)90014-S
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    References listed on IDEAS

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    Cited by:

    1. Zhou, P. & Ang, B.W. & Poh, K.L., 2006. "Decision analysis in energy and environmental modeling: An update," Energy, Elsevier, vol. 31(14), pages 2604-2622.

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