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Decision Modeling
A decision model in decision theory is the starting point for a decision method within a formal (axiomatic) system. Decision models contain at least one action axiom. An action is in the form "IF is true, THEN do ". An action axiom tests a condition (antecedent) and, if the condition has been met, then (consequent) it suggests (mandates) an action: from knowledge to action. A decision model may also be a network of connected decisions, information and knowledge that represents a decision-making approach that can be used repeatedly (such as one developed using the Decision Model and Notation standard). Excepting very simple situations, successful action axioms are used in an iterative manner. For example, for decision analysis, the sole action axiom occurs in the Evaluation stage of a four-step cycle: Formulate, Evaluate, Interpret/Appraise, Refine. Decision models are used both to model a decision being made once, as well as to model a repeatable decision-making approach that wi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Decision Theory
Decision theory or the theory of rational choice is a branch of probability theory, probability, economics, and analytic philosophy that uses expected utility and probabilities, probability to model how individuals would behave Rationality, rationally under uncertainty. It differs from the Cognitive science, cognitive and Behavioural sciences, behavioral sciences in that it is mainly Prescriptive economics, prescriptive and concerned with identifying optimal decision, optimal decisions for a rational agent, rather than Descriptive economics, describing how people actually make decisions. Despite this, the field is important to the study of real human behavior by Social science, social scientists, as it lays the foundations to Mathematical model, mathematically model and analyze individuals in fields such as sociology, economics, criminology, cognitive science, moral philosophy and political science. History The roots of decision theory lie in probability theory, developed by Blai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Algorithm
In mathematics and computer science, an algorithm () is a finite sequence of Rigour#Mathematics, mathematically rigorous instructions, typically used to solve a class of specific Computational problem, problems or to perform a computation. Algorithms are used as specifications for performing calculations and data processing. More advanced algorithms can use Conditional (computer programming), conditionals to divert the code execution through various routes (referred to as automated decision-making) and deduce valid inferences (referred to as automated reasoning). In contrast, a Heuristic (computer science), heuristic is an approach to solving problems without well-defined correct or optimal results.David A. Grossman, Ophir Frieder, ''Information Retrieval: Algorithms and Heuristics'', 2nd edition, 2004, For example, although social media recommender systems are commonly called "algorithms", they actually rely on heuristics as there is no truly "correct" recommendation. As an e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Enterprise Decision Management
Decision management refers to the process of designing, building, and managing automated decision-making systems that support or replace human decision-making in organizations. It integrates business rules, predictive analytics, and decision modeling to streamline and automate operational decisions. These systems combine business rules and potentially machine learning to automate routine business decisions and are typically embedded in business operations where large volumes of routine decisions are made, such as fraud detection, customer service routing, and claims processing. Decision management differs from decision support systems in that its primary focus is on automating ''operational'' decisions, rather than solely providing information to assist human decision-makers. It incorporates technologies designed for real-time decision-making with minimal human intervention. Historical background The roots of decision management can be traced back to the expert systems and mana ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Decision Support
A decision support system (DSS) is an information system that supports business or organizational decision-making activities. DSSs serve the management, operations and planning levels of an organization (usually mid and higher management) and help people make decisions about problems that may be rapidly changing and not easily specified in advance—i.e., unstructured and semi-structured decision problems. Decision support systems can be either fully computerized or human-powered, or a combination of both. While academics have perceived DSS as a tool to support decision making processes, DSS users see DSS as a tool to facilitate organizational processes. Some authors have extended the definition of DSS to include any system that might support decision making and some DSS include a decision-making software component; Sprague (1980)Sprague, R;(1980).A Framework for the Development of Decision Support Systems" MIS Quarterly. Vol. 4, No. 4, pp. 1–25. defines a properly termed DSS ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Decision-making Models
Decision-making as a term is a scientific process when that decision will affect a policy affecting an entity. Decision-making models are used as a method and process to fulfill the following objectives: * Every team member is clear about how a decision will be made * The roles and responsibilities for the decision making * Who will own the process to make the final decision These models help the team to plan the process and the agenda for each decision-making meeting, and the understanding of the process and collaborative approach helps in achieving the support of the team members for the final decision to ensure commitment for the same. Types There are several models of decision-making: Economic rationality model When using this model, the following conditions are assumed. # The decision will be completely rational in a means-ends sense # There is a complete and consistent system of preferences that allows a choice among alternatives # There is a complete awareness of all the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Decision Engineering
Decision intelligence is an engineering discipline that augments data science with theory from social science, decision theory, and managerial science. Its application provides a framework for best practices in organizational decision-making and processes for applying computational technologies such as machine learning, natural language processing, reasoning, and semantics at scale. The basic idea is that decisions are based on our understanding of how actions lead to outcomes. Decision intelligence is a discipline for analyzing this chain of cause and effect, and decision modeling is a visual language for representing these chains. A related field, decision engineering, also investigates the improvement of decision-making processes but is not always as closely tied to data science. Origins and technologies Decision intelligence is based on the recognition that, in many organizations, decision-making could be improved if a more structured approach were used. Decision intellige ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Value Of Revelation
Value or values may refer to: Ethics and social sciences * Value (ethics), concept which may be construed as treating actions themselves as abstract objects, associating value to them ** Axiology, interdisciplinary study of values, including ethical values * Social imaginary, set of morals, institutions, laws, and symbols common to a particular social group * Religious values, beliefs and practices which a religious adherent partakes in Economics * Value (economics), a measure of the benefit that may be gained from goods or service ** Theory of value (economics), the study of the concept of economic value ** Value (marketing), the difference between a customer's evaluation of benefits and costs ** Value investing, an investment paradigm * Values (heritage), the measure by which the cultural significance of heritage items is assessed * Present value, value of an expected income stream as of the date of valuation * Present value of benefits, discounted sum of a stream of benef ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |