Flexibility and Decision Analysis

Abstract

The notion that a good decision strategy is a flexible one has long been intuitively appreciated by decision makers. Decision analysis, however, has had little to say on the subject of flexibility. The purpose of this thesis is to place the flexibility concept within the decision analysis framework. The analysis begins with an application of decision theory techniques to the problem of choosing between flexible and inflexible decision strategies. A precise mathematical definition of decision flexibility is proposed wherein the relative flexibility of a decision is measured by the size of the decision choice set. Further application of the theory of decision analysis provides a measure of the value of flexibility.

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Document Details

Document Type
Technical Report
Publication Date
Jun 30, 1975
Accession Number
ADA015290

Entities

People

  • Miley W. Merkhofer

Organizations

  • Stanford University

Tags

Communities of Interest

  • C4I

DTIC Thesaurus Topics

  • Compensation
  • Contracts
  • Decision Theory
  • Department Of Defense
  • Distribution Functions
  • Economic Impact
  • Governments
  • Information Processing
  • Information Science
  • Information Systems
  • Military Research
  • Probability Density Functions
  • Probability Distributions
  • Random Variables
  • Standards
  • Systems Science
  • United States Government

Readers

  • Systems Analysis and Design
  • Team-Based Human-Centered Cognitive Task Decision Making and Information Performance.