Subjective Aspects of the Art of Decision Analysis: Exploring the Role of Decision Analysis in Decision Structuring, Decision Support and Policy Dialogue

• Main Authors: THOMAS, Howard, SAMSON, Danny
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 1986
• Subjects: analysis; decision; information systems; insurance; modelling; planning; risk; Business; Strategic Management Policy
• Online Access: https://ink.library.smu.edu.sg/lkcsb_research/3933; https://doi.org/10.1057/jors.1986.43
• Institution: Singapore Management University

The paper argues that, until very recently, decision analysts have devoted relatively little attention to the processes of problem formulation and subjective judgement in handling ill-structured strategic decision problems. Therefore, following a brief review of existing varieties of decision analysis, a modified policy dialogue' model of decision analysis is presented which integrates decision analysis with decision aids and decision support technology. This model is developed using as an illustration strategic problems drawn from the insurance industry. The paper concludes with some suggestions for the successful application and implementation of decision analysis.