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Making Hard Decisions with Decision Tools Suite: Update

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Making Hard Decisions with Decision Tools Suite: Update (Hardcover)

by Robert T. Clemen (Author), Terence Reilly (Author)

5.0 out of 5 stars See all reviews (1 customer review)

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Product details

Hardcover: 733 pages
Publisher: Brooks/Cole; Har/Cdr St edition (7 Jan 2005)
Language English
ISBN-10: 0495015083
ISBN-13: 978-0495015086
Product Dimensions: 25.2 x 20.4 x 5.6 cm

Average Customer Review: 5.0 out of 5 stars See all reviews (1 customer review)

Amazon.co.uk Sales Rank: 242,476 in Books (See Bestsellers in Books)

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7 of 7 people found the following review helpful:

5.0 out of 5 stars Introduction to Decision Analysis, 13 May 2003

By	"self-study" - See all my reviews

This review is from: Making Hard Decisions with Decision Tools Suite (Hardcover)

The textbook comes with an Excel Add-in package called Palisade Decision Tools Suite. It can be used with some limitations on capability for one year upon registration and then expires.

The book is written clearly and direct to the points. Influence Diagrams, Decision Trees, and Risk analysis are done along with the Palisade package. The theory is covered and even after the software expiration and a reader decides not to buy it, the book provides enough details to construct models in Excel or R (free statistical software/programming language), of course without fancy diagrams. A few of the figures show policy analysis but the demo package does not have this feature.

The book also serves as an introduction to probability and statistics (Ch9, 10) in the context of decision science with concrete examples. Each chapter ends with summary and references with helpful comments on each of them. Exercises are provided and selected answers are given in the back of the book. Overall, more decision tree examples are treated than influence diagram ones.

Another good book related to this one would be Practical Management Science by Winston and Albright. It provides nice Excel examples and also comes with Palisade Decision Tools Suite with the same restrictions as this book.

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