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When business executives and managers are called upon to make important decisions that could affect the futures of many people, what is the process by which they are made? Is there a step-by-step procedure, is it a matter of intuition and doing what 'feels right', or is it - just a coin flip? This book explains why getting beyond the coin flip is vital to improving the outcome of important decisions, and gives a formal approach for making the decision process more effective, more efficient, and more likely to result in the outcome wanted.
The book takes readers on a step-by-step journey through the world of formalized decision-making, from start to finish of a decision situation. Each step of the process introduces an aspect of decision analysis, and builds upon the concepts from the previous step. In this way, complexity is gradually added to the process, allowing the new material to be more quickly and easily understood. No previous knowledge of decision theory is necessary, and no mathematical mastery beyond a basic understanding of algebra is required. A careful reading of the book will provide readers with the tools necessary to perform real-world formalized decision analysis activities, as well as tackle specialized topics within decision theory.
About the author
Barry Webster Melbourne, FL, Assistant Professor of Systems Engineering and Engineering Management, Florida Institute of Technology.
