Design Decisions under Uncertainty with Limited Information
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Today''s business environment involves design decisions with significant uncertainty. To succeed, decision-makers should replace deterministic methods with a risk-based approach that accounts for the decision maker‘s risk tolerance. In many problems, it is impractical to collect data because rare or one-time events are involved. Therefore, we need a
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Today''s business environment involves design decisions with significant uncertainty. To succeed, decision-makers should replace deterministic methods with a risk-based approach that accounts for the decision maker‘s risk tolerance. In many problems, it is impractical to collect data because rare or one-time events are involved. Therefore, we need a
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