Decision Theory

Decision-makers stay humble in predicting business future. In 2023, management teams face testing times as unexpected and extreme developments spill over from 2022. The volatility of energy prices, supply chains, interest rates, health uncertainties, and geopolitical tensions are challenging even the most confident decision-makers. McKinsey & Company acknowledges the complexity of the current world and […]

Photo yourself standing at the edge of a roadway, attempting to determine if it’s secure to go across. It’s nighttime, and rainfall is dropping, making it tough to see what’s up in advance. After looking at both means, you step onto the roadway. However, what if this was an inadequate option? Maybe you’ve misjudged the

With lots at stake in the Covid-19 pandemic, Professors Sylvia Richardson and Sir David Spiegelhalter look at just what we could possibly get out of the decision-making theory when deciding our next moves. The opinions were mixed on the wisdom of the wisdom of the decision to loosen all social distancing regulations in England from

How should humans make decisions when the outcomes of their choices are uncertainty and unpredictably determined by the theory of probability? Such is the question posed by Prakash Shenoy, the Ronald G. Harper Distinguished Professor of Artificial Intelligence at the University of Kansas School of Business. His resolution can be discovered in the brief article