DECISION ANALYSIS CALCULATOR

This calculator is made of several equations that help in decision analysis for business managers, staticians, students and even scientists. This calculator will help the decision maker to act or decide on the best optimal alternative owing to a pre-designated standard form from several available options. 

The Calculator can be able to compute the following:

1. Two (2) State Conservative Approach

2. Three (3) State Conservative Approach

3. Two (2) State Optimistic Approach MaxMax

4. Three (3) State Optimistic Approach MaxMax

5. Laplace Approach 

6. Two (2) State MiniMax Regret Approach 

7. Three (3) State MiniMax Regret Approach 

8. Two (2) State Expected Value Approach 

9. Three (3) State Expected Value Approach 

USER REQUIREMENTS

The user should be familiar with the following terms and be able to identify the element stated below

State of Nature (S): These are the outcomes of any cause of action which rely on certain factors beyond the control of the decision maker.

Cause of Action (D): A decision made among a set of defined alternative causes of action.

Uncertainty (P): The chances that an event will occur is indicated in terms of probabilities assigned to that event.

Pay Off: This measures the net benefit to the decision maker from a combination of courses of action taken. 

The Calculator has a predefined format which suggest how the users should enter the values, some of the equations provide the option of computing varying number of Cause of Actions which has been specified in the placeholder of the required fields.

I would appreciate your comments or  suggestions. Thanks!!! 

REFERENCES

Gichuhi, K J & Ndung'u, N D (2013) Quantitative Methods for Business Management : Decision Analysis and Trees. Nairobi : Finesse.