Decision Making and Forecasting

Rating:
Summary: Nice synthesis
Review: Nice synthesis of decision making problems in a triadic framework of data collection, forecasting and decision making. The tools for decision making such as influence diagrams, decision trees, and analytical hierarchy process discussed with rich examples. The book title is a misnomer as far as forecasting techniques since it lacks any discussion of any forecasting techniques. Otherwise, it is a novel presentation on decision analysis. The forecasting aspect refers to the forecast information that will reduce uncertainty in the decision making situation. Forecasting is, thus, an information acquisition decision, the soundness of which depends on the "value of information," a recurring theme in this book.

A must for all management scientists and decision analysis professionals with an inquiring mind. This book is one of my prized possessions.

Rating:
Summary: Nice synthesis
Review: Nice synthesis of decision making problems in a triadic framework of data collection, forecasting and decision making. The tools for decision making such as influence diagrams, decision trees, and analytical hierarchy process discussed with rich examples. The book title is a misnomer as far as forecasting techniques since it lacks any discussion of any forecasting techniques. Otherwise, it is a novel presentation on decision analysis. The forecasting aspect refers to the forecast information that will reduce uncertainty in the decision making situation. Forecasting is, thus, an information acquisition decision, the soundness of which depends on the "value of information," a recurring theme in this book.

A must for all management scientists and decision analysis professionals with an inquiring mind. This book is one of my prized possessions.