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Decision-making
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Decision-making
Concepts, Methods and Techniques

  • Shyama Prasad Mukherjee - Former Professor of Statistics at the University of Calcutta and former Vice President of the International Federation of Operational Research Societies


January 2022 | 424 pages | SAGE Publications Pvt. Ltd
This book presents a comprehensive and updated account of concepts, methods and techniques of decision-making. It has derived strength from advances in several branches of knowledge including mathematics, computer science, behavioural economics, logic and related areas, besides statistical decision theory. The reader will find here an integrated picture of concepts, methods and analytics to aid decision-making in a wide array of situations, ranging from classical optimization to computational social choice and organizational responses to emergency and stress. 

Decision-making: Concepts, Methods and Techniques lucidly presents the decision-making tools aided and strengthened by decision theory in all its domains and dimensions, at the same time emphasizing the role of human behaviour in all its diversity.
 
Preface
 
Introduction
 
Prologue
 
Decisions and decision-making
 
Ubiquity of Decisions
 
Rationality and Bounded Rationality
 
Hierarchy of Decisions
 
Group Decisions
 
Social Choice Decisions
 
Decision-making and Problem-solving
 
Descriptive and Normative Decision Theory
 
Case-based Decision Theory
 
Decision Theory and Decision-making
 
Decision-making Process
 
Some Generalities
 
Strategies
 
States of Nature
 
Criteria for Choice
 
Utility and Its Measurement
 
Regret
 
Optimality Principle
 
Establishing Trade-Off’s
 
Types of Decision Problems
 
Elaborating Some Examples
 
Sequential and Dynamic Decision-making
 
Robustness of Decisions
 
Representation of Decision Problems
 
Decision Environment
 
Decision Matrix
 
Influence Diagram
 
Decision Trees
 
Influence Diagram and Decision Tree
 
Decision Analytic Network
 
Gantt Chart
 
Network Diagrams
 
Decisions under Certainty and Uncertainty
 
Introduction
 
Decision-making under Uncertainty
 
Info-gap Decision Analysis
 
Interval Programming Problem
 
Decision-making under Certainty
 
Unstructured Decision Problems
 
Mathematical Programming
 
Decision-making under Risk
 
Introduction
 
Approaches to Decision-making under Risk
 
Stochastic Optimization
 
Stochastic Linear Programming
 
Probabilistic Dynamic Programming
 
Fuzzy Decision-making
 
Prospect Theory
 
Priority Heuristic
 
Decision-making under Evidence Theory
 
Decisions under Competition
 
Games and Decisions
 
Matrix Games
 
Solving Matrix Games
 
Polymatrix Games
 
Prisoners’ Dilemma
 
Evolutionary Games
 
Analysis of Meta-Games
 
Co-operative Games
 
Stackelberg Games
 
Statistical Decision Theory
 
Introduction
 
Beginning from Classical Statistics
 
Statistical Decision Process
 
Some Examples
 
The Optimality Principle
 
Derivation of Minimax and Bayes Estimators
 
Admissibility
 
Completeness
 
The Bayesian Paradigm
 
Prolongation of the Bayesian Paradigm
 
Multiple Decision Functions
 
Sequential Decision Theory
 
Design of Clinical Trials
 
Robust Decision-making
 
Multi-Criteria Decision-Making
 
Introduction
 
Classification of MCDM Methods
 
Essentials in MCDM
 
VIKOR
 
Analytic Hierarchy Process
 
Analytic Network Process
 
Data Envelopment Analysis
 
TOPSIS
 
Combinations of DEA, AHP and TOPSIS
 
Co-Co-So Model
 
OCRA
 
PROMETHEE and GAIA
 
MACBETH
 
Multi-MOORA
 
Stochastic Multi-Criteria Acceptability Analysis
 
Fuzzy MCDM
 
Challenges Ahead
 
Social Choice Problems
 
Introduction
 
Distinctive Features of Social Choice
 
Preference Aggregation
 
Axioms and Arrow’s Impossibility Theorem
 
Consistency of Social Choice Functions
 
Probabilistic Social Choice Functions
 
Social Choice and Social Network
 
The Nudge Theory
 
Computational Social Choice
 
Decision-making Models
 
Preliminaries
 
Approaches in Managerial Decision-making
 
Qualitative Decision-making Models
 
Models Using Quantitative Methods
 
Models for Problem-Solving
 
Paired Comparison Analysis
 
Theory of Constraints
 
Alternatives and Constraints
 
Introduction
 
Issues in Optimization
 
Desiderata for Alternatives
 
Development of Alternatives
 
Pooling Expert Opinions
 
Domain Knowledge in Designing Alternatives
 
Probabilities as Alternatives
 
Alternatives in Evolutionary Algorithms
 
Rules and Procedures as Alternatives
 
Alternatives for Organizational Decisions
 
Constraints in Real-Life Decisions
 
Using Infeasible Solutions
 
Figuring out States of Nature
 
Post-implementation Feasibility Check
 
Generation of Criteria
 
Introduction
 
Criterion versus Objective Function
 
Alternative-Criterion Interaction
 
Criterion versus Rule for Choice
 
Characteristics of a Criterion
 
Aggregate as a Criterion
 
Criteria in group Decision-Making
 
Points to Ponder
 
Paired Comparison, Ranking and Scaling
 
Introduction
 
Paired Comparison
 
Aggregating Paired Comparison Results
 
Ranking of Units
 
Aggregation of Ranking Data
 
Concordance among Multiple Rankings
 
Consensus Ranking
 
Scaling of Alternatives
 
Rank Reversal
 
Role of Information
 
Introduction
 
Search for Information
 
Value of Information
 
Decisions in Fuzzy Environments
 
Information to Identify Feasible Options
 
Information in Social Choice Problems
 
A Peep into Gray Areas
 
Are There Gray Areas?
 
Impact of Uncertainty
 
Concern for Computational Complexity
 
Information Over-load and Option Deluge
 
Infirmities in Decision-Making
 
The Paradox of Choice
 
Can We Conclude?
 
References and Suggested Readings
 
Index

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ISBN: 9789354791079
£65.00