ELEMENTS OF STATISTICAL DECISION MAKING

Kimmo Konkarikoski, Risto Ritala

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

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IMEKO-WC-2009-TC7-321.pdf

DOI

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IMEKO TC

TC7 - Measurement Science

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