This book provides a synthesis of the theory of decision making and its practical application in decision analysis. Part 1 provides a detailed guide to the principles of decision theory. The authors introduce the literature on key ideas such as value theory, subjective probability theory and utility theory, and assess how these ideas, developed for individual decision makers, may apply to decision-making within organisations. Part 2 deals with the various strategies and techniques employed in decision analysis, and the application of decision theory in particular, documented cases. The authors also appraise the validity and usefulness of these procedures of decision synthesis. The book will be of interest to students and teachers of the theory and practice of decision analysis, and to psychologists, economists and operations researchers in universities and business schools; it will also be invaluable as a handbook to these and to professional managers in business and government, and to management consultants.
"...presents a well-balanced treatment of the major principles and circumstances of decision making..." William E. Cooper, American Journal of Psychology