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Decision Theory

Decision Theory

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Published by Vivek Kumar Gupta

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Published by: Vivek Kumar Gupta on Nov 12, 2010
Copyright:Attribution Non-commercial

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11/12/2010

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Decision Theory 
 
Presented by:-
(Vivekkumargupta)
 
D
ecision Theory
Th
e decision t
h
eory, also called t
h
e decisionanalysis, is to determine optimal strategiesw
h
ere a decision-maker is faced wit
h
severaldecision alternatives and an uncertain, or risky, pattern of future events .
A decision may be defined as t
h
e selection byt
h
e decision-maker of an act, considered to bet
h
e best according to some pre designatedstandard, from among t
h
e available options.
 
D
ecision analysis process divided in 3 parts
:-
S
ingle
S
tage
D
ecision making problems
Bayesian decision Rule
Multi-
S
tage decision problems
Using Utility for 
D
ecision-making

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