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Decision Analysis and Risk Management Decision Making: Issues and Methods
Author(s) -
Covello Vincent T.
Publication year - 1987
Publication title -
risk analysis
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.972
H-Index - 130
eISSN - 1539-6924
pISSN - 0272-4332
DOI - 10.1111/j.1539-6924.1987.tb00978.x
Subject(s) - decision analysis , risk analysis (engineering) , evidential reasoning approach , management science , business decision mapping , multiple criteria decision analysis , risk management , computer science , operations research , engineering , business , mathematics , statistics , finance
This paper provides an overview of decision analysis and its use in risk management decision making. The paper discusses the distinctive characteristics of decision analysis and compares these characteristics with those of its principal alternative—cost–benefit analysis. The paper also discusses each of the steps in a decision analysis and the strengths and limitations of the method.