decision analysis

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decision analysis2016-12-12T18:28:48+00:00

decision analysis 


A technique used to aid decision-making under conditions of uncertainty, by systematically representing and examining all information relevant to making a decision and evaluating the uncertainty related to the information.

The available choices are plotted on a decision tree. At each branch, or decision node, the probabilities of each outcome that can be predicted are estimated. The relative work or preferences of decision-makers for the various possible outcomes for a decision can also be estimated and incorporated in a decision analysis.

Reference (Cochrane definition) 

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