Decision Analysis utilizes a variety of tools to evaluate all relevant information to aid in the decision making process. The objective of a decision analysis is to discover the most advantageous alternative under the circumstances. It includes many procedures, methods, and tools for identifying, clearly representing, and formally assessing important aspects of a decision, for prescribing a recommended course of action by applying the maximum expected utility action axiom to a well-formed representation of the decision, and for translating the formal representation of a decision and its corresponding recommendation into insight for the decision maker and other stakeholders.
Decision Analysis
