Question

Think of a situation where you have used Decision Analysis and explain what that process was like.

Answer 1

Decision Analysis is a method to analys the decision was already taken. While do the decision analysis, which consists of many matters like philosophy, methodology, proffesional experience. Which these help to identify the cause and effect of decision, anticipation of future regarding the particular decision. Different variety of method using to analyse that is statistical tools like graphical representation, survey and mathematical tools like probability and utility function moreover using evaluation of ideas. Decision analysis occured in not only in business or Economics but which may occur in personal life too.

For instance, While we do a case study regarding Health Economics. The first process is evaluation of the decision and find the knowledge related to the matter then we prepare the objective and find the appropriate technique and tool . We used random sample survey to do analysis. And later analys the data with statistical tools and reached an final outcome. The decision analysis may happened in personal life there is used psychological and philosophical tool to do Analysis process. So that Decision analysis is exit every sphere of life personal, industrial or political. Whatever it is decision analysis is using methodas or tool to the economic,social,politicalor development process ,and develop personal or develops something