Handbook of Decision Analysis

Qualitative and quantitative techniques to apply decision analysis to real-world decision problems, supported by sound mathematics, best practices, soft skills, and more

With substantive illustrations based on the authors' personal experiences throughout, Handbook of Decision Analysis describes the philosophy, knowledge, science, and art of decision analysis. Key insights from decision analysis applications and behavioral decision analysis research are presented, and numerous decision analysis textbooks, technical books, and research papers are referenced for comprehensive coverage.

This book does not introduce new decision analysis mathematical theory, but rather ensures the reader can understand and use the most common mathematics and best practices, allowing them to apply rigorous decision analysis with confidence. The material is supported by examples and solution steps using Microsoft Excel and includes many challenging real-world problems. Given the increase in the availability of data due to the development of products that deliver huge amounts of data, and the development of data science techniques and academic programs, a new theme of this Second Edition is the use of decision analysis techniques with big data and data analytics.

Written by a team of highly qualified professionals and academics, Handbook of Decision Analysis includes information on:

  • Behavioral decision-making insights, decision framing opportunities, collaboration with stakeholders, information assessment, and decision analysis modeling techniques
  • Principles of value creation through designing alternatives, clear value/risk tradeoffs, and decision implementation
  • Qualitative and quantitative techniques for each key decision analysis task, as opposed to presenting one technique for all decisions.
  • Stakeholder analysis, decision hierarchies, and influence diagrams to frame descriptive, predictive, and prescriptive analytics decision problems to ensure implementation success

Handbook of Decision Analysis is a highly valuable textbook, reference, and/or refresher for students and decision professionals in business, management science, engineering, engineering management, operations management, mathematics, and statistics who want to increase the breadth and depth of their technical and soft skills for success when faced with a professional or personal decision.

1112671809
Handbook of Decision Analysis

Qualitative and quantitative techniques to apply decision analysis to real-world decision problems, supported by sound mathematics, best practices, soft skills, and more

With substantive illustrations based on the authors' personal experiences throughout, Handbook of Decision Analysis describes the philosophy, knowledge, science, and art of decision analysis. Key insights from decision analysis applications and behavioral decision analysis research are presented, and numerous decision analysis textbooks, technical books, and research papers are referenced for comprehensive coverage.

This book does not introduce new decision analysis mathematical theory, but rather ensures the reader can understand and use the most common mathematics and best practices, allowing them to apply rigorous decision analysis with confidence. The material is supported by examples and solution steps using Microsoft Excel and includes many challenging real-world problems. Given the increase in the availability of data due to the development of products that deliver huge amounts of data, and the development of data science techniques and academic programs, a new theme of this Second Edition is the use of decision analysis techniques with big data and data analytics.

Written by a team of highly qualified professionals and academics, Handbook of Decision Analysis includes information on:

  • Behavioral decision-making insights, decision framing opportunities, collaboration with stakeholders, information assessment, and decision analysis modeling techniques
  • Principles of value creation through designing alternatives, clear value/risk tradeoffs, and decision implementation
  • Qualitative and quantitative techniques for each key decision analysis task, as opposed to presenting one technique for all decisions.
  • Stakeholder analysis, decision hierarchies, and influence diagrams to frame descriptive, predictive, and prescriptive analytics decision problems to ensure implementation success

Handbook of Decision Analysis is a highly valuable textbook, reference, and/or refresher for students and decision professionals in business, management science, engineering, engineering management, operations management, mathematics, and statistics who want to increase the breadth and depth of their technical and soft skills for success when faced with a professional or personal decision.

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Handbook of Decision Analysis

Handbook of Decision Analysis

Handbook of Decision Analysis

Handbook of Decision Analysis

Hardcover(2nd ed.)

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Overview

Qualitative and quantitative techniques to apply decision analysis to real-world decision problems, supported by sound mathematics, best practices, soft skills, and more

With substantive illustrations based on the authors' personal experiences throughout, Handbook of Decision Analysis describes the philosophy, knowledge, science, and art of decision analysis. Key insights from decision analysis applications and behavioral decision analysis research are presented, and numerous decision analysis textbooks, technical books, and research papers are referenced for comprehensive coverage.

This book does not introduce new decision analysis mathematical theory, but rather ensures the reader can understand and use the most common mathematics and best practices, allowing them to apply rigorous decision analysis with confidence. The material is supported by examples and solution steps using Microsoft Excel and includes many challenging real-world problems. Given the increase in the availability of data due to the development of products that deliver huge amounts of data, and the development of data science techniques and academic programs, a new theme of this Second Edition is the use of decision analysis techniques with big data and data analytics.

Written by a team of highly qualified professionals and academics, Handbook of Decision Analysis includes information on:

  • Behavioral decision-making insights, decision framing opportunities, collaboration with stakeholders, information assessment, and decision analysis modeling techniques
  • Principles of value creation through designing alternatives, clear value/risk tradeoffs, and decision implementation
  • Qualitative and quantitative techniques for each key decision analysis task, as opposed to presenting one technique for all decisions.
  • Stakeholder analysis, decision hierarchies, and influence diagrams to frame descriptive, predictive, and prescriptive analytics decision problems to ensure implementation success

Handbook of Decision Analysis is a highly valuable textbook, reference, and/or refresher for students and decision professionals in business, management science, engineering, engineering management, operations management, mathematics, and statistics who want to increase the breadth and depth of their technical and soft skills for success when faced with a professional or personal decision.


Product Details

ISBN-13: 9781394283880
Publisher: Wiley
Publication date: 05/28/2025
Series: Wiley Series in Operations Research and Management Science
Edition description: 2nd ed.
Pages: 400
Product dimensions: 6.90(w) x 10.00(h) x 1.00(d)

About the Author

Gregory S. Parnell, PhD, is a Professor of Practice in the Department of Industrial Engineering at the University of Arkansas in Fayetteville, AR. Terry Bresnick, MBA, is President of Innovative Decision Analysis, and Lecturer in the Department of Industrial Engineering at the University of Arkansas. Steven N. Tani, PhD, is a retired Partner and Fellow of Strategic Decisions Group. Eric R. Johnson, PhD, is Director of Decision Science at GSK, where he supports drug development decision making. Eric Specking, PhD, is a Principal Engineer for Infinity Labs and a Lecturer in the College of Engineering at the University of Arkansas in Fayetteville, AR.

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Table of Contents

List of Figures ix

List of Tables xiii

Foreword xv

Preface xxi

Acknowledgments xxv

About the Authors xxvii

Acronyms xxxi

1 Introduction to Decision Analysis 1
Gregory S. Parnell and Terry A. Bresnick

2 Decision-Making Challenges 22
Terry A. Bresnick and Gregory S. Parnell

3 Foundations of Decision Analysis 46
Gregory S. Parnell and Steven N. Tani

4 Decision Analysis Soft Skills 68
Terry A. Bresnick and Gregory S. Parnell

5 Use the Appropriate Decision Process 92
Steven N. Tani and Gregory S. Parnell

6 Frame the Decision Opportunity 110
Steven N. Tani and Gregory S. Parnell

7 Craft the Decision Objectives and Value Measures 127
Gregory S. Parnell, Terry A. Bresnick, and Eric R. Johnson

8 Design Creative Alternatives 149
Steven N. Tani and Gregory S. Parnell

9 Perform Deterministic Analysis and Develop Insights 166
Eric R. Johnson, Gregory S. Parnell, and Steven N. Tani

10 Quantify Uncertainty 227
Eric R. Johnson and Steven N. Tani

11 Perform Probabilistic Analysis and Identify Insights 248
Eric R. Johnson and Steven N. Tani

12 Portfolio Resource Allocation 291
Terry A. Bresnick, Eric R. Johnson, and Gregory S. Parnell

13 Communicating with Decision Makers and Stakeholders 320
Gregory S. Parnell and Terry A. Bresnick

14 Enable Decision Implementation 340
Terry A. Bresnick and Gregory S. Parnell

15 Summary of Major Themes 351
Gregory S. Parnell

Appendix A: Probability Theory 362
Steven N. Tani

Appendix B: Influence Diagrams 374
Steven N. Tani and Gregory S. Parnell

Appendix C: Decision Conferencing 381
Terry A. Bresnick

Index 392

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