Modeling Risk in Sequential Decision Making with Interval Probabilities
There are some drawbacks in attempting to apply the classical approach to risk analysis. We propose a new method to analyze scenarios involving a sequence of decisions which have imprecise information regarding event likelihoods. The decision maker’s knowledge and degree of optimism are included as key elements in the analysis. An example in risk management in presented.
KeywordsDecision Maker Interval Probability Minor Fire Cold Site Relationship Strategy
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