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.

Comments

First edition availble at: https://academicworks.cuny.edu/lg_oers/61/

Creative Commons License

Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial-Share Alike 4.0 License.

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