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Decision analysis is a blend of philosophy, theory, methodology, and professional practice of structuring decisions and uncertainty in a formal manner. Decision analysis technique is useful in allows you to quantify the uncertainties, enumerate potential options and uncover new alternatives so you can make the best, most-informed decision to achieve your goals.
Busines people must increasingly be able to make sense of their competition, environments, organizations, and strategies to be successful. Decision analysis may prove an early warning before a venture into particular business is made. Better alternatives are also reached when a sense-making outcome is attained. Decision Analysis enables stakeholders to model the probability of specific risks and increase the return on key investments.
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Nov 3rd, 2015
Decision analysis analyses on factors such as changes in external environment, competitor's actions, and other events, besides the assessment of the pros and cons. Then the remaining subjective evaluates each option by assigning quantitative values, such as a monetary sum to the value of the outcome and probability values to quantify uncertainty