decision analysis with examples

Category: System Analysis

            In decision-making under risk, the probabilities of various states of nature are assumed to be known. Probabilities of the various states of nature are not known to the decision–maker and thus, he cannot apply the maximization/minimization of expected value criteria as in the case of decision under risk.

 

Application of Decision Analysis

Category: System Analysis

The decision theory (decision analysis) refers to the techniques for analysis decisions under risk and uncertainty. In the process of decision-making the decision –maker wants to achieve something, which may be called his goal, purpose or objective. The decision –maker may choose one particular alternative, which is called strategy of the decision maker,from among various alternatives.

 

different strategies for the requirement determination

Category: System Analysis

        In order to collect information so as to study existing system and to determine information requirement, there are different strategies, which could be used for a purpose. These strategies are discussed below.

 


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