Decision analysis cycle
Encyclopedia
The decision analysis cycle is the top-level procedure for carrying out a decision analysis
. The traditional cycle consists of four phases:
The diagram below depicts the Decision Analysis Cycle:
A revised form of the cycle consists of an attention-focusing method followed by a decision method, each of which is composed of three stages:
Decision analysis
Decision analysis is the discipline comprising the philosophy, theory, methodology, and professional practice necessary to address important decisions in a formal manner...
. The traditional cycle consists of four phases:
- basis development
- determinisitic sensitivity analysis
- probabilistic analysis
- basis appraisal.
The diagram below depicts the Decision Analysis Cycle:
A revised form of the cycle consists of an attention-focusing method followed by a decision method, each of which is composed of three stages:
- formulation
- evaluation
- appraisal.