Decision Analysis

Decision Analysis is a discipline popularly known as “Applied Decision Theory”. It provides a framework for analyzing decision problems by:

• structuring and breaking them down into more manageable parts,

• explicitly considering the possible options (alternatives), available information, involved uncertainties, and relevant preferences of the decision maker(s),

• combining these in order to arrive at optimal or at least ‘sufficiently good’ decisions.

Decision Analysis, and the DEXi program as well, are aimed at supporting people in making decisions rather than making decisions themselves. For this purpose, they provide methods and tools for developing decision models and using them for the evaluation and analysis of options.