ELEMENTS OF STATISTICAL DECISION MAKING

• Abstract:

  Measurements are the key to rational decision making. Measurement information generates value, when it is applied in the decision making. Normative decision making considers all decision tasks as optimization problems, typically with multiple objectives and uncertainties. Therefore in normative decision making the decision task must first be formulated mathematically and then the resulting optimization problem is solved. This paper considers the elements of decision making under uncertainty based on statistical decision theory.
• Keywords:

  decision making, statistical decision theory, uncertainty
• Download:

  IMEKO-WC-2009-TC7-321.pdf
• DOI:

  _unreg_wc-2009.321

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