Making Hard Decisions: An Introduction to Decision Analysis by Robert T. Clemen PDF

By Robert T. Clemen

This best-selling and updated survey of choice research ideas and methods is out there to scholars with constrained mathematical backgrounds. it really is designed for complex undergraduate and MBA-level classes in determination research and in addition for enterprise classes in introductory quantitative tools. (Prerequisites: university algebra; introductory statistics.)

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Extra resources for Making Hard Decisions: An Introduction to Decision Analysis (Business Statistics)

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That is what the book is about—an approach that will help you to make hard decisions. 4 The purpose of decision analysis is to help a decision maker think systematically about complex problems and to improve the quality of the resulting decisions. In this regard, it is important to distinguish between a good decision and a lucky outcome. A good decision is one that is made on the basis of a thorough understanding of the problem and careful thought regarding the important issues. Outcomes, on the other hand, may be lucky or unlucky, regardless of decision quality.

What elements of risk are involved? " In what sense was Dukakis's decision a "bold choice," and in what sense was it a "risky gamble"? DU PONT AND CHLOROFLUOROCARBONS Chlorofluorocarbons (CFCs) are chemicals used as refrigerants in air conditioners and other cooling appliances, propellants in aerosol sprays, and in a variety of other applications. Scientific evidence has been accumulating for some time that CFCs released into the atmosphere can destroy ozone molecules in the ozone layer 15 miles above the earth's surface.

Can you think of some different alternatives that the ODA might consider for control ling the gypsy moths? Describe a decision that you have had to make recently that was difficult. What were the major issues? What were your alternatives? Did you have to deal with uncertainty? Were there important trade-offs to make? "Socially responsible investing" first became fashionable in the 1980s. Such investing involves consideration of the kinds of businesses that a firm engages in and selection of investments that are as consistent as possible with the investor's sense of ethical and moral business activity.

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