IDEAS home Printed from https://ideas.repec.org/a/eee/energy/v15y1990i7p677-696.html
   My bibliography  Save this article

5.4. Decision analysis in engineering-economic modeling

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/036054429090014S
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/0360-5442(90)90014-S?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Thomas R. Rice & Adam B. Borison, 1981. "Probabilistic Cost Estimating for the Great Plains Coal Gasification Plant," Interfaces, INFORMS, vol. 11(2), pages 62-69, April.
    2. Ronald A. Howard, 1971. "Proximal Decision Analysis," Management Science, INFORMS, vol. 17(9), pages 507-541, May.
    3. Kreczko, Adam & Evans, Nigel & Hope, Chris, 1987. "A decision analysis of the commercial demonstration fast reactor," Energy Policy, Elsevier, vol. 15(4), pages 303-314, August.
    4. Eduardo Marco Modiano, 1987. "Derived Demand and Capacity Planning Under Uncertainty," Operations Research, INFORMS, vol. 35(2), pages 185-197, April.
    5. Daniel Bienstock & Jeremy F. Shapiro, 1988. "Optimizing Resource Acquisition Decisions by Stochastic Programming," Management Science, INFORMS, vol. 34(2), pages 215-229, February.
    6. Allen C. Miller, III & Thomas R. Rice, 1983. "Discrete Approximations of Probability Distributions," Management Science, INFORMS, vol. 29(3), pages 352-362, March.
    7. Ronald A. Howard, 1988. "Decision Analysis: Practice and Promise," Management Science, INFORMS, vol. 34(6), pages 679-695, June.
    8. Richard D. Smallwood & Peter A. Morris, 1980. "A Task Force Decision Analysis," Operations Research, INFORMS, vol. 28(1), pages 60-80, February.
    9. Ralph L. Keeney & John F. Lathrop & Alan Sicherman, 1986. "OR Practice—An Analysis of Baltimore Gas and Electric Company's Technology Choice," Operations Research, INFORMS, vol. 34(1), pages 18-39, February.
    10. Ronald A. Howard, 1980. "An Assessment of Decision Analysis," Operations Research, INFORMS, vol. 28(1), pages 4-27, February.
    11. D. Warner North & Donald N. Stengel, 1982. "Decision Analysis of Program Choices in Magnetic Fusion Energy Development," Management Science, INFORMS, vol. 28(3), pages 276-288, March.
    12. Donald L. Keefer & Samuel E. Bodily, 1983. "Three-Point Approximations for Continuous Random Variables," Management Science, INFORMS, vol. 29(5), pages 595-609, May.
    13. Adam B. Borison & Peter A. Morris & Shmuel S. Oren, 1984. "A State-of-the-World Decomposition Approach to Dynamics and Uncertainty in Electric Utility Generation Expansion Planning," Operations Research, INFORMS, vol. 32(5), pages 1052-1068, October.
    14. Ross D. Shachter, 1986. "Evaluating Influence Diagrams," Operations Research, INFORMS, vol. 34(6), pages 871-882, December.
    15. Ross D. Shachter, 1988. "Probabilistic Inference and Influence Diagrams," Operations Research, INFORMS, vol. 36(4), pages 589-604, August.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Thomas W. Keelin & Bradford W. Powley, 2011. "Quantile-Parameterized Distributions," Decision Analysis, INFORMS, vol. 8(3), pages 206-219, September.
    2. Borgonovo, Emanuele & Tonoli, Fabio, 2014. "Decision-network polynomials and the sensitivity of decision-support models," European Journal of Operational Research, Elsevier, vol. 239(2), pages 490-503.
    3. Concha Bielza & Peter Müller & David Ríos Insua, 1999. "Decision Analysis by Augmented Probability Simulation," Management Science, INFORMS, vol. 45(7), pages 995-1007, July.
    4. Yijing Li & Prakash P. Shenoy, 2012. "A Framework for Solving Hybrid Influence Diagrams Containing Deterministic Conditional Distributions," Decision Analysis, INFORMS, vol. 9(1), pages 55-75, March.
    5. John M. Charnes & Prakash P. Shenoy, 2004. "Multistage Monte Carlo Method for Solving Influence Diagrams Using Local Computation," Management Science, INFORMS, vol. 50(3), pages 405-418, March.
    6. 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.
    7. Pontus Johnson & Robert Lagerström & Per Närman & Mårten Simonsson, 2007. "Enterprise architecture analysis with extended influence diagrams," Information Systems Frontiers, Springer, vol. 9(2), pages 163-180, July.
    8. Tanaka, Ken'ichiro & Toda, Alexis Akira, 2015. "Discretizing Distributions with Exact Moments: Error Estimate and Convergence Analysis," University of California at San Diego, Economics Working Paper Series qt7g23r5kh, Department of Economics, UC San Diego.
    9. Robert K. Hammond & J. Eric Bickel, 2013. "Reexamining Discrete Approximations to Continuous Distributions," Decision Analysis, INFORMS, vol. 10(1), pages 6-25, March.
    10. Siebert, Johannes Ulrich & Kunz, Reinhard E. & Rolf, Philipp, 2021. "Effects of decision training on individuals’ decision-making proactivity," European Journal of Operational Research, Elsevier, vol. 294(1), pages 264-282.
    11. Ravi Kashyap, 2016. "The Perfect Marriage and Much More: Combining Dimension Reduction, Distance Measures and Covariance," Papers 1603.09060, arXiv.org, revised Jul 2019.
    12. Kashyap, Ravi, 2019. "The perfect marriage and much more: Combining dimension reduction, distance measures and covariance," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 536(C).
    13. Concha Bielza & Prakash P. Shenoy, 1999. "A Comparison of Graphical Techniques for Asymmetric Decision Problems," Management Science, INFORMS, vol. 45(11), pages 1552-1569, November.
    14. Stephen G. Pauker & John B. Wong, 2005. "The Influence of Influence Diagrams in Medicine," Decision Analysis, INFORMS, vol. 2(4), pages 238-244, December.
    15. C A Poojari & C Lucas & G Mitra, 2008. "Robust solutions and risk measures for a supply chain planning problem under uncertainty," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 59(1), pages 2-12, January.
    16. Konstantin Pavlikov & Stan Uryasev, 2018. "CVaR distance between univariate probability distributions and approximation problems," Annals of Operations Research, Springer, vol. 262(1), pages 67-88, March.
    17. Fadhil Y. Al-Aboosi & Mahmoud M. El-Halwagi, 2019. "A Stochastic Optimization Approach to the Design of Shale Gas/Oil Wastewater Treatment Systems with Multiple Energy Sources under Uncertainty," Sustainability, MDPI, vol. 11(18), pages 1-39, September.
    18. Özgür-Ünlüakın, Demet & Bilgiç, Taner, 2017. "Performance analysis of an aggregation and disaggregation solution procedure to obtain a maintenance plan for a partially observable multi-component system," Reliability Engineering and System Safety, Elsevier, vol. 167(C), pages 652-662.
    19. Soltani, Mohamad & Samorani, Michele & Kolfal, Bora, 2019. "Appointment scheduling with multiple providers and stochastic service times," European Journal of Operational Research, Elsevier, vol. 277(2), pages 667-683.
    20. Douglas K. Owens & Ross D. Shachter & Robert F. Nease JR, 1997. "Representation and Analysis of Medical Decision Problems with Influence Diagrams," Medical Decision Making, , vol. 17(3), pages 241-262, July.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:energy:v:15:y:1990:i:7:p:677-696. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/energy .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.