Design Decisions under Uncertainty with Limited Information (Paperback)
Language: English
Published by Taylor & Francis Ltd, London, 2017
- Softcover
- New
Seller: Grand Eagle Retail, Bensenville, IL, U.S.A.Grand Eagle Retail
AbeBooks seller since October 12, 2005
Condition: New
£ 100.15
Quantity: 1 available
Add to basketItem description from seller
Paperback. Today's business environment involves design decisions with significant uncertainty. To succeed, decision-makers should replace deterministic methods with a risk-based approach that accounts for the decision makers risk tolerance. In many problems, it is impractical to collect data because rare or one-time events are involved. Therefore, we need a methodology to model uncertainty and make choices when we have limited information. This methodology must use all available information and rely only on assumptions that are supported by evidence.This book explains theories and tools to represent uncertainty using both data and expert judgment. It teaches the reader how to make design or business decisions when there is limited information with these tools. Readers will learn a structured, risk-based approach, which is based on common sense principles, for design and business decisions. These decisions are consistent with the decision-makers risk attitude.The book is exceptionally suited as educational material because it uses everyday language and real-life examples to elucidate concepts. It demonstrates how these concepts touch our lives through many practical examples, questions and exercises. These are designed to help students learn that first they should understand a problem and then establish a strategy for solving it, instead of using trial-and-error approaches.This volume is intended for undergraduate and graduate courses in mechanical, civil, industrial, aerospace, and ocean engineering and for researchers and professionals in these disciplines. It will also benefit managers and students in business administration who want to make good decisions with limited information. Shipping may be from multiple locations in the US or from the UK, depending on stock availability.…
Seller Inventory # 9781138115095
- Title
- Design Decisions under Uncertainty with Limited Information (Paperback)
- Author
- Efstratios Nikolaidis
- Publisher
- Taylor & Francis Ltd, London
- Publication year
- 2017
- Condition
- new
- Binding
- Paperback
- Language
- English
- ISBN 10
- 1138115096
- ISBN 13
- 9781138115095
- Series
- Book 8 of 13: Structures and Infrastructures
Today's business environment involves design decisions with significant uncertainty. To succeed, decision-makers should replace deterministic methods with a risk-based approach that accounts for the decision maker’s risk tolerance. In many problems, it is impractical to collect data because rare or one-time events are involved. Therefore, we need a methodology to model uncertainty and make choices when we have limited information. This methodology must use all available information and rely only on assumptions that are supported by evidence.
This book explains theories and tools to represent uncertainty using both data and expert judgment. It teaches the reader how to make design or business decisions when there is limited information with these tools. Readers will learn a structured, risk-based approach, which is based on common sense principles, for design and business decisions. These decisions are consistent with the decision-maker’s risk attitude.
The book is exceptionally suited as educational material because it uses everyday language and real-life examples to elucidate concepts. It demonstrates how these concepts touch our lives through many practical examples, questions and exercises. These are designed to help students learn that first they should understand a problem and then establish a strategy for solving it, instead of using trial-and-error approaches.
This volume is intended for undergraduate and graduate courses in mechanical, civil, industrial, aerospace, and ocean engineering and for researchers and professionals in these disciplines. It will also benefit managers and students in business administration who want to make good decisions with limited information.
"Synopsis" may belong to another edition of this title.
About the Author
"About the title" may belong to another edition of this title.
Grand Eagle Retail
Bensenville, IL, U.S.A.
AbeBooks seller since October 12, 2005
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