Encyclopedia of Operations Research and Management Science

2001 Edition
| Editors: Saul I. Gass, Carl M. Harris

Decision problem

Reference work entry
DOI: https://doi.org/10.1007/1-4020-0611-X_218

The basic decision problem is as follows: Given a set of r alternative actions A = {a1,..., ar}, a set of q states of nature S = {s1,..., sq}, a set of rq outcomes O = {o1, ..., orq}, a corresponding set of rq payoffs P = { p1,..., prq}, and a decision criterion to be optimized, f (aj), where f is a real-valued function de-fined on A, choose an alternative action aj that optimizes the decision criterion f (aj). Decision maker; Mathematical model; Multi-criteria decision making.

Copyright information

© Kluwer Academic Publishers 2001

Authors and Affiliations

  1. 1.Robert H. Smith School of BusinessUniversity of MarylandCollege PartUSA
  2. 2.School of Information Technology & EngineeringGeorge Mason UniversityFairfaxUSA