IDEAS home Printed from https://ideas.repec.org/a/inm/orinte/v22y1992i6p28-39.html
   My bibliography  Save this article

An Overview of Methods for Applied Decision Analysis

Author

Listed:
  • Craig W. Kirkwood

    (Department of Decision and Information Systems, Arizona State University, Tempe, Arizona 85287-4206)

Abstract

Decision analysis is not just trees anymore. Influence diagrams improve communication among managers and analysts about key dependencies in a decision under uncertainty. Algebraic formulation methods allow compact representation of decision models that are too complex to handle with decision trees. Utility functions model attitude toward risk taking and trade-offs among conflicting objectives in a way that is both practical and conceptually sound. Behavioral research has shown how to correctly elicit judgmental information about uncertainties, and accurate approximations are available to summarize these judgments. Recently developed computer tools use these approaches to model real-world decisions efficiently.

Suggested Citation

  • Craig W. Kirkwood, 1992. "An Overview of Methods for Applied Decision Analysis," Interfaces, INFORMS, vol. 22(6), pages 28-39, December.
    • Handle: RePEc:inm:orinte:v:22:y:1992:i:6:p:28-39
    DOI: 10.1287/inte.22.6.28
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.1287/inte.22.6.28
    Download Restriction: no
    File URL: https://libkey.io/10.1287/inte.22.6.28?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
    ---><---

    Citations

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


    Cited by:

    1. Donald L. Keefer & Craig W. Kirkwood & James L. Corner, 2004. "Perspective on Decision Analysis Applications, 1990–2001," Decision Analysis, INFORMS, vol. 1(1), pages 4-22, March.
    2. Guo, Rui & Shenoy, Prakash P., 1996. "A note on Kirkwood's algebraic method for decision problems," European Journal of Operational Research, Elsevier, vol. 93(3), pages 628-638, September.

    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:inm:orinte:v:22:y:1992:i:6:p:28-39. 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.

    We have no bibliographic references for this item. You can help adding them by using 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: Chris Asher (email available below). General contact details of provider: https://edirc.repec.org/data/inforea.html .

    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.