Document Type
Textbook
Publication Date
Spring 1-1-2023
Abstract
Decision-Making often refers to a multi-stage process that starts with some form of introspection or reflection about a situation in which a person or group of people find themselves. These ruminations usually lead to series of questions that need to be answered, or to a set of data that needs to be collected and analyzed, or to some calculations that need to be performed before someone can be in a position to make informed decisions and take appropriate actions.
We provide some simple examples of Quantitative Models, which are often found in a decision-making situation. We focus on the use of algebraic equations, probability models, the “Payoff Table” and “Decision Tree” models, to represent situations involving a sequence one or more of decisions over time. Concepts are illustrated with a large set of examples that can be presented during classroom instruction and can be practiced by the students, either individually or in groups, through homework or lab exercises.
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Comments
First edition availble at: https://academicworks.cuny.edu/lg_oers/61/