Special Report on
Planning and decision theory
Planning and decision theory - Trends
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a body of knowledge that attempts to describe, analyze, and model the process of decision making and the factors influencing it. Decision theory encompasses both formal mathematical and statistical approaches to solving decision problems, using quantitative techniques, such as probability and game theory, and more informal behavioral approaches. It is used to inform and assist decision making in organizations. An Essay on Statistical Decision Theory.(Statistical Data Included) 1. A 1966 QUOTATION The middle third of this century marks the summit of research in statistical decision theory. Consider this 1966 quotation from ...
(henceforth referred to as CACD)…Design…is defined as “learning about an unfamiliar problem and [exploiting] that understanding to create a broad approach to problem solving.” Design lays out a specific methodology for creating a systemic and shared understanding of an operational problem and a broad approach to its solution. CACD proposes “three types of problems”: “well-structured problems, medium-structured problems, and ill-structured problems”: Well-structured problems are more based on perfecting a certain technique and finding the right solution. ... Read More
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