Measuring Risk in Decision Analysis
This site is a part of the JavaScript E-labs learning objects for decision making. Other JavaScript in this series are categorized under different areas of applications in the MENU section on this page.
This JavaScript measures the risk associated with each action in decision analysis. Whenever the decision maker has some knowledge regarding the states of nature, decision maker must be able to assign subjective probability estimates for the occurrence of each state. In such cases, the problem is classified as decision making under risk.
In entering your data to move from cell to cell in the data-matrix use the Tab key not arrow or enter keys. Blank boxes are not included in the calculations but zeros are.
Decision Making Under Pure Uncertainty: Notice that in a case that because of lack of knowledge of the probability assessment is not possible, then enter equal probabilities in the Probability Row.
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Professor Hossein Arsham
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