What is Decision Analysis?

Decision analysis is determining the best possible outcome based on an uncertain situation. An analyst is often viewing the situation and have to do an analysis to formulate some form of criteria to ensure feasible outcomes with the least amount of friction. Before jumping into it. The analyst has to do the following: Understanding the problem very well. The action leading to the desired outcome. Based on the decisions, what implications and external factors can arise (This is important because brainstorming solutions does take some time, considering if making certain decisions. As always, you must come together as a team and stakeholders to come to an agreement and a full understanding of the different outcomes. With this in mind, there are many tools or models to use and get a visual representation on what could be done to understand what could be done. Oftentimes, a decision tree is used for its simplicity and comprehensiveness. When having a solution of some kind. While presenting the decision models to the group. It is important to keep in mind these elements. Decision to be made: Describing decision questions. Decision maker: who is the person who makes the final call on the decision to be made. Alternative: Possible course of action. Criteria based on decision: criteria for the alternative outcome. ***TIMESTAMP*** 00:00 - Intro/What is Decision Analysis? 00:24 - Orderly process to Decision Analysis 02:17 - The 4 Elements of making decisions 03:00 - Example 04:07 - Decision Tree Illustration 06:00 - Outro