Decision analysis (DA) is the discipline comprising the philosophy, theory, methodology, and professional practice necessary to address important decisions in a formal manner. Decision analysis includes many procedures, methods, and tools for identifying, clearly representing, and formally assessing the important aspects of a decision situation, for computing the recommended course of action by applying the maximum expected utility action axiom to a well-formed representation of the decision, and for translating the formal representation of a decision and its corresponding recommendation into insight for the decision-maker and other decision participants. The term ''decision analysis'' was coined in 1964 by Ronald A. Howard, who since then, as a professor at Stanford University, has been instrumental in developing much of the practice and professional application of DA. ==Bibliography== *Clemen, Robert, ''Making Hard Decisions: An Introduction to Decision Analysis'', 2nd edition (1996), Belmont CA: Duxbury Press, 1996. *Goodwin, P., and G. Wright, ''Decision Analysis for Management Judgment'', 3rd edition (2004). Wiley, Chichester. ISBN 0-470-86108-8 *Holtzman, Samuel, ''Intelligent Decision Systems'' (1989), Addison-Wesley. *Howard, R.A., and J.E. Matheson (editors), ''Readings on the Principles and Applications of Decision Analysis'', 2 volumes (1984), Menlo Park CA: Strategic Decisions Group. *Raiffa, Howard, ''Decision Analysis: Introductory Readings on Choices Under Uncertainty'' (1997). McGraw Hill. ISBN 0-07-052579-X *Smith, J.Q., ''Decision Analysis: A Bayesian Approach'' (1988), Chapman and Hall. ISBN 0-412-27520-1 *Matheson, David, and Matheson, Jim, ''The Smart Organization: Creating Value through Strategic R&D ''(1998). Harvard Business School Press. ISBN 0-87584-765-X *Hammond, J.S. and Keeney, R.L. and Raiffa, H., ''Smart Choices: A Practical Guide to Making Better Decisions'' (1999). Harvard Business School Press *Keeney, R.L.,''Value-focused thinking -- A Path to Creative Decisionmaking'' (1992). Harvard University Press ==See also== *Decision analysis cycle *Decision model *Decision theory *Influence diagram *Maximum expected utility *Multi-criteria decision analysis (MCDA) Decision theory
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Decision analysis
Decision analysis (DA) is the discipline comprising the philosophy, theory, methodology, and professional practice necessary to address important decisions in a formal manner. Decision analysis includes many procedures, methods, and tools for identifying, clearly representing, and formally assessing the important aspects of a decision situation, for computing the recommended course of action by applying the maximum expected utility action axiom to a well-formed representation of the decision, and for translating the formal representation of a decision and its corresponding recommendation into insight for the decision-maker and other decision participants. The term ''decision analysis'' was coined in 1964 by Ronald A. Howard, who since then, as a professor at Stanford University, has been instrumental in developing much of the practice and professional application of DA. ==Bibliography== *Clemen, Robert, ''Making Hard Decisions: An Introduction to Decision Analysis'', 2nd edition (1996), Belmont CA: Duxbury Press, 1996. *Goodwin, P., and G. Wright, ''Decision Analysis for Management Judgment'', 3rd edition (2004). Wiley, Chichester. ISBN 0-470-86108-8 *Holtzman, Samuel, ''Intelligent Decision Systems'' (1989), Addison-Wesley. *Howard, R.A., and J.E. Matheson (editors), ''Readings on the Principles and Applications of Decision Analysis'', 2 volumes (1984), Menlo Park CA: Strategic Decisions Group. *Raiffa, Howard, ''Decision Analysis: Introductory Readings on Choices Under Uncertainty'' (1997). McGraw Hill. ISBN 0-07-052579-X *Smith, J.Q., ''Decision Analysis: A Bayesian Approach'' (1988), Chapman and Hall. ISBN 0-412-27520-1 *Matheson, David, and Matheson, Jim, ''The Smart Organization: Creating Value through Strategic R&D ''(1998). Harvard Business School Press. ISBN 0-87584-765-X *Hammond, J.S. and Keeney, R.L. and Raiffa, H., ''Smart Choices: A Practical Guide to Making Better Decisions'' (1999). Harvard Business School Press *Keeney, R.L.,''Value-focused thinking -- A Path to Creative Decisionmaking'' (1992). Harvard University Press ==See also== *Decision analysis cycle *Decision model *Decision theory *Influence diagram *Maximum expected utility *Multi-criteria decision analysis (MCDA) Decision theory
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