Abstract
This first chapter introduces the reader to the meaning of decision-making, the main concepts associated with decision processes, and the decision analysis workflow. We discuss how to make decisions and the role of uncertainty in the decision-making process. A few valuation methods are discussed. We describe several methods to make rational decisions under certainty, ignorance, risk, and uncertainty. We introduce the concept of vagueness that will be developed in Chap. 6.
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Vilela, M.J., Oluyemi, G.F. (2022). Decision-Making: Concepts, Principles, and Uncertainty. In: Value of Information and Flexibility. Petroleum Engineering. Springer, Cham. https://doi.org/10.1007/978-3-030-86989-2_1
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DOI: https://doi.org/10.1007/978-3-030-86989-2_1
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