The DecideIT decision tool
 

Decision analysis may be viewed as a means for practical reason, i.e. as the practice of prescriptive theories of choice and effective decision processes. What distinguishes decision analysis from other quantitative methods aimed at supporting decision making, is the underlying idea of utilising a formal model of rational choice to improve the quality of both the decision process and the decision outcome. A formal decision analysis of a decision problem refers to the the structured use of process models, systems modelling, and computational procedures in order to compare decision alternatives by means of a decision rule, with properties such that this rule should reflect the behaviour of a rational decision maker.

 

Within the DECIDE research group we address many of the challenges related to facilitating and improving decision analysis practice. The group focusses on applications of risk and decision analysis methods and on development of methods facilitating for practical decision analysis and decision support. Of prime concern is to search for usable methods enabling decision makers to model their preferences and beliefs in an inspiring and equitable manner such that the statements they provide may be translated into a formal representation ready for decision evaluation. This include development of elicitation methods, representation of decision data, decision evaluation rules and algorithms for sensitivity analyses, and visual presentation of evaluation results.