Decision analysis is a prescriptive discipline

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Decision analysis is a prescriptive discipline that is designed to assist people in making better decisions. It is prescriptive in the sense that is uses a normative framework, and a set of tools and procedures to help the decision maker model, optimize and analyze complex, hard decisions.

Based on the Decision Analysis:

Use a personal example or a text example or a business problem from the real world to illustrate one or more of the Decision Analysis models

Why was the particular model chosen?

Which model(s) might provide a better decision for this problem?

Assign probabilities to the problem (if not already assigned) and determine the Expected Value solution.

Reference no: EM131275545

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