Decision analysis cycle
From HandWiki
The decision analysis (DA) cycle is the top-level procedure for carrying out a decision analysis. Decision analysis (DA) is the discipline comprising the philosophy, methodology, and professional practice necessary to address important decisions in a formal manner.
The traditional decision analysis cycle consists of four phases:
- basis development
- deterministic sensitivity analysis
- probabilistic analysis
- basis appraisal.
The diagram below depicts the decision analysis cycle:[1]
A revised form of the cycle consists of an attention-focusing method followed by a decision method, each of which is composed of three stages:
- formulation
- evaluation
- appraisal.
See also
- Decision model
- Decision theory
- Enterprise decision management
References
External links
- Mohammed A. Mian text retrieved 17/09/2011
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