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An influence diagram (ID) (also called a relevance diagram, decision diagram or a decision network) is a compact graphical and mathematical representation of a decision situation. It is a generalization of a Bayesian network , in which not only probabilistic inference problems but also decision making problems (following the maximum expected ...
The pavement condition index (PCI) is a numerical index between 0 and 100, which is used to indicate the general condition of a pavement section.The PCI is widely used in transportation civil engineering [1] and asset management, and many municipalities use it to measure the performance of their road infrastructure and their levels of service. [2]
Business decision mapping (BDM) is a technique for making decisions, particularly for the kind of decisions that often need to be made in business.It involves using diagrams to help articulate and work through the decision problem, from initial recognition of the need through to communication of the decision and the thinking behind it.
It is based on the higher residual value as a percentage of the lower one. They realize that not every family would do it this way, but this way seems best for them. This table shows the judgments they will enter for their Resale Value comparisons: Resale Value comparisons entered by the Jones family. They are based on the rationale shown above.
Process Decision Program Chart (PDPC) is a technique designed to help prepare contingency plans.The emphasis of the PDPC is to identify the consequential impact of failure on activity plans, and create appropriate contingency plans to limit risks.
Risk is the lack of certainty about the outcome of making a particular choice. Statistically, the level of downside risk can be calculated as the product of the probability that harm occurs (e.g., that an accident happens) multiplied by the severity of that harm (i.e., the average amount of harm or more conservatively the maximum credible amount of harm).
PERT chart for a project with five milestones (10 through 50) and six activities (A through F). The project has two critical paths: activities B and C, or A, D, and F – giving a minimum project time of 7 months with fast tracking. Activity E is sub-critical, and has a float of 1 month.
Decision analysis (DA) is the discipline comprising the philosophy, methodology, and professional practice necessary to address important decisions in a formal manner. . Decision analysis includes many procedures, methods, and tools for identifying, clearly representing, and formally assessing important aspects of a decision; for prescribing a recommended course of action by applying the ...