This unique text provides a systematic review of decision-making under uncertainty and regards forecasting as an integral component to the decision-making process. The book covers both decision trees and influence diagrams and shows how they relate to each other and how emphasis is placed on the value of information and the assessment of probabilities. Targeted at both upper-level operations research courses and at practitioners. This text is packaged with an accessible, useful decision tree analysis program.
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5.0 out of 5 stars
Nice synthesis,
By Book-lover "rika" (USA) - See all my reviews
This review is from: Decision Making and Forecasting (Hardcover)
Nice synthesis of decision making problems in a triadic framework of data collection, forecasting and decision making. The tools for decision making such as influence diagrams, decision trees, and analytical hierarchy process discussed with rich examples. The book title is a misnomer as far as forecasting techniques since it lacks any discussion of any forecasting techniques. Otherwise, it is a novel presentation on decision analysis. The forecasting aspect refers to the forecast information that will reduce uncertainty in the decision making situation. Forecasting is, thus, an information acquisition decision, the soundness of which depends on the "value of information," a recurring theme in this book. A must for all management scientists and decision analysis professionals with an inquiring mind. This book is one of my prized possessions.
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