Chapter 4 : Representative of Individual Decision
Door cape house
1. Degree of certainty
2. Outcomes
2.1. choice and method
2.2. external factors
3. States of nature
3.1. External Factors
3.1.1. known factors
3.1.1.1. background information that the decision-makers has
3.1.2. unknown factors
3.1.2.1. depend on reflection of others and environment
3.1.2.1.1. Future events that decision maker are uncontrollable
3.2. Extraneous Factors
4. Alternatives
4.1. Options/Choices for consideration
4.1.1. Open Alternatives
4.1.1.1. New alternative can be invented and discovered
4.1.1.2. non structured or ill-structured problem
4.1.2. Close Alternatives
4.1.2.1. No new alternative can be added and introduced
4.1.2.2. Makes decision problems much more accessible