Decision Analysis as an Aid to Strategy

Abstract

“Statistical decision theory is a theory of decision‐making, i.e., of selecting among alternatives. It is not a theory of problem solving, i.e., of finding the cause of a particular set of symptoms. Thus, if the problem or opportunity is defined poorly even the best analysis thereafter will be of limited value. In fact, it could be detrimental”.

Citation

Thomas, H. and Schwenk, C.R. (1984), "Decision Analysis as an Aid to Strategy", Management Decision, Vol. 22 No. 2, pp. 50-60. https://doi.org/10.1108/eb001346