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Decision Analysis

In: Operations Research

Author

Listed:
  • H. A. Eiselt

    (University of New Brunswick)

  • Carl-Louis Sandblom

    (Dalhousie University)

Abstract

Everywhere in the world, at each moment, millions of people make their own decentralized decisions: when to get up in the morning, what tie to wear, what to eat for lunch or dinner, what to do in the evening (go to the theater or watch television), where to vacation, and many more. Similarly, firms will decide which mode of transportation to use when routing their products to customers, where to locate regional distribution centers, what new product lines to develop, etc. This chapter first introduces the main elements of decision analysis, and then offers some visualizations of decision analysis problem. This is followed by a discussion of some simple decision rules, sensitivity analyses, and a discussion of the value of information. The chapter wraps up the discussion by some thoughts on utility theory.

Suggested Citation

  • H. A. Eiselt & Carl-Louis Sandblom, 2022. "Decision Analysis," Springer Texts in Business and Economics, in: Operations Research, edition 3, chapter 10, pages 353-383, Springer.
    • Handle: RePEc:spr:sptchp:978-3-030-97162-5_10
    DOI: 10.1007/978-3-030-97162-5_10
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