>> Decision Analysis
Decision Analysis (DA) is a discipline that aims to improve the clarity and effectiveness of complex decision-making. DA employs different methods and tools in order to examine a decision in its relevant aspects separately, and then in an integrated way. DA has evolved significantly in the last decades and it is no longer considered a practice aimed at producing optimal solutions. An optimal solution may be found, but the direct objective of the analysis is to generate insight and creativity that will improve the quality of decision-making. (view DA Benefits; view Phases in DA)
Formally, decision analysis is the normative discipline comprising the philosophy, theory, methodology, and professional practice necessary to tackle complex decisions in a rigorous manner. Decision analysis includes many procedures, methodologies, and tools for identifying, clearly representing, and formally assessing the important aspects of a decision, for establishing a recommended course of action by applying the maximum expected utility action axiom to a sound representation of the decision basis, and for translating the formal representation of a decision basis and its corresponding indications into insight for the decision maker.