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QMT429 Quantitative Techniques Topic 2: Decision Analysis Learning Outcome At the end of this chapter, you should be able to:  Identify the decision-making environment.  Make good decision under uncertainty.  Make good decision under risk.  Make good decision using decision tree analysis. Introduction What is Decision Theory? An analytical techniques to identify the optimal decision with
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  QMT429 Quantitative Techniques Topic 2: Decision Analysis    Learning Outcome  At the end of this chapter, you should be able to:   Identify the decision-making environment.   Make good decision under uncertainty.   Make good decision under risk.   Make good decision using decision tree analysis.  Introduction What is Decision Theory?  An analytical techniques to identify the optimal decision with several alternatives and risk or uncertain pattern of the future.  Good Decision Bad Decision Based on logic, considers all available data and possible alternatives, and applied quantitative approach.  Not based on logic, does not use all available information, does not consider all alternatives and does not employ appropriate quantitative techniques.
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