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Making Hard Decisions with Decision Tools Suite

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Making Hard Decisions with Decision Tools Suite (Hardcover)

by R.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: 768 pages
Publisher: Duxbury; 2nd Revised edition edition (23 Jul 2000)
Language English
ISBN-10: 0534365973
ISBN-13: 978-0534365974
Product Dimensions: 23.5 x 19 x 3.2 cm

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

Amazon.co.uk Sales Rank: 900,844 in Books (See Bestsellers in Books)

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Product Description

Product Description
Teaching the fundamental ideas of decision analysis, this text avoids an overly technical explanation of the mathematics used in management science. This new version incorporates and implements the powerful Decision Tools Suite, a toolkit for risk and decision analysis. At the end of each chapter, topics are illustrated with step-by-step instructions for the Decision Tools Suite. This new version makes the text more useful and relevant to students of management science.

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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

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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