Decision analysis cycle
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The decision analysis (DA) cycle is the top-level procedure for carrying out a decision analysis. Decision analysis (DA) is the discipline comprising the philosophy, methodology, and professional practice necessary to address important decisions in a formal manner.
The traditional decision analysis cycle consists of four phases:
- basis development
- deterministic sensitivity analysis
- probabilistic analysis
- basis appraisal.
The diagram below depicts the decision analysis cycle:[1]
A revised form of the cycle consists of an attention-focusing method followed by a decision method, each of which is composed of three stages:
See also
[edit]References
[edit]- ^ Howard, Ronald A., ‘‘The Evolution of Decision Analysis,’’ in The Principles and Applications of Decision Analysis, ed. R. A. Howard and J. E. Matheson, SRI and Strategic Decisions Group (1983). Web Link Archived 2010-01-31 at the Wayback Machine
External links
[edit]- Mohammed A. Mian text retrieved 17/09/2011
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