Decision Making Analysis

Topics: Decision theory, Decision analysis, Decision making Pages: 15 (5101 words) Published: November 17, 2012
There are many types of decision analysis that can be used for decision making. Different decision making can be conducted to predict future outcome. It is used for many purposes in order to achieve certain objectives. These will give accurate prediction or to prove the target set up by organization either it is achieved or not. In our case study, we would like to review our case study based on the different situation and how the implementation of decision analysis took place. After reviewing the case study, we would like to conclude based on three different case studies. The contributions related to decision analysis from the case studies will also be explained in last of our discussion .It will give society more understanding and appreciate the knowledge that will benefits society in the current and future. For our case study number one will explain on the Decision Support Framework (DSF) that uses system-based approaches and decision science that will enable society to make decision. This decision analysis will revealed on definition, steps required making decision, how web based is used and others related to it. Meanwhile, case study number two will be focusing on the implementation decision analysis in the operations such as operation in the area of energy, followed by manufacturing and services, in medical, military and lastly general areas. This will brief more on suitable applications used in different areas in order to achieve the desire result and minimizing unpleasant risk. Lastly, the case study number three will explained on problem structuring for Multi-Criteria Decision Analysis Intervention. It is about the methodology to support decision making which involved multiple objectives that have to be pursued. In this case study it will give steps involved, main problem faced by decision analysis, structuring tools that available for decision analyst in deploying effective MCDA interventions, and others related to the case study also will be explained. From the case study above it will show how the subject of decision science is used in different ways or advance ways that introduced after experiencing different situations. Review on Decision Analysis in the Operations

Decision analysis is a set of quantitative method for analyzing decisions that used for the expected utility as the criterion for identifying preferred alternative. It also the tools for the making decisions on uncertainty and multiple conflicting objectives, and these tools can be especially useful when there is limited directly relevant data so that expert playing their part in decision making. According Cornell and Kirkwood (1991) provide detailed discussion of situation where the decision analysis will be useful.

The decision analysis will used in several of applications. There are six main areas that will be focus on and solved using the decision analysis. The first area is energy, followed by manufacturing and services, in medical, military and lastly general areas. The list of applications, present the significant details about methodological and implementations issues, which are classified into the areas of strategy and objectives generation, problem structuring or formulation, probability assessment utility or value assessment, sensitivity analysis, communication or facilitation, group issues and implementation.

From Cornell and Kirkwood (1991), they said that there is some subjectivity in deciding whether particular application is suitable for the decision analysis. An application had to be generally explicitly analyze alternatives for a decision problem using judgmental probabilities or subjectively assessed utility functions. Ambiguous cases were resolved by including the article if, on balance, it took a decision analysis approach. There is also some subjectivity in deciding whether an article reports an application. Many of the surveyed articles report case are decision analysis to provide a specific decision...

References: 1. Neptune and Company, Inc. 1505 Suite B, Los Alamos, NM 87544
3. Neptune and Company, Inc., 8550 W. 14th Ave. Suite 100, Lakewood, CO 80215
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