This book gathers a collection of the latest research, applications, and proposals, introducing readers to innovations and concepts from diverse environments and systems. As such, it will provide students and professionals alike with not only cutting-edge information, but also new inspirations and potential research directions. Each chapter focuses on a specific aspect of applied decision making, e.g. in complex systems, computational intelligence, security, and ubiquitous computing.

Taking advantage of the many specialists visiting Spain prior to the INFORMS Meeting in Barcelona, hold from July 14th to July 17th 1997, we organized a work shop on Decision Analysis Applications at the Real Academia de Ciencias, Madrid, Spain, from J uly 11th to 12th 1997, under the sponsorship of de the Instituto Espaiia. This workshop had a precedent in the International Conference Decision Making: Towards the 21st Century also held at the Real Academia de Ciencias in 1993. The idea of organizing an event, this time devoted to applications of Decision Analysis, was due to Prof. Sixto Rfos, who some four years ago, .sponsored and encouraged by the Royal Academy of Sciences, was the creator of an Interdisciplinary Working Group on Decision Analysis -formed with researchers from within and outside this Academy- which has been active since then, organizing periodical meetings, and whose last project has tumed out into this Workshop. The workshop turned out to be an stimulating opportunity for communicating and discussing the enormous variety of applications of Decision Sciences. In this volume we have included most of the invited papers and a selection of refereed contributed papers. Due to the varied nature of the applications, we have grouped them into five groups ending, as way of an epilog, with a paper by Sarin which contains important insights and reftections on the nature of Decision Analysis in public and private sectors.

Soft computing has provided sophisticated methodologies for the development of intelligent decision support systems. Fast advances in soft computing technologies, such as fuzzy logic and systems, artificial neural networks and evolutionary computation, have made available powerful problem representation and modelling paradigms, and learning and optimisation mechanisms for addressing modern decision making issues. This book provides a comprehensive coverage of up-to-date conceptual frameworks in broadly perceived decision support systems and successful applications. Different from other existing books, this volume predominately focuses on applied decision support with soft computing. Areas covered include planning, management finance and administration in both the private and public sectors.

Mental health professionals often must make judgments or decisions involving vital matters. Is an individual likely to act violently? Has a child been sexually abused? Is a police officer fit to carry a gun? An explosion of research in clinical and cognitive psychology provides practical means for enhancing the accuracy of clinical decision making and prediction and thereby improving outcomes and the quality of care. Unfortunately, this research has not been broadly disseminated in the mental health field. The book is designed to familiarize readers with essential findings from decision science and its practical, immediate applications in the mental health field.

This work presents the application of the Monte Carlo Simulation method and the Decision Tree Analysis approach when dealing with the economic valuation of projects which are subjected to risks and uncertainties. The Net Present Value of a project is usually used as an investment decision parameter. Using deterministic models to calculate a project’s Net Present Value neglects the risky and uncertain nature of real life projects and consequently leads to useless valuation results. Realistic valuation models need to use probability density distributions for the input parameters and certain probabilities for the occurrence of specific events during the life time of a project in combination with the Monte Carlo Simulation method and the Decision Tree Analysis approach. After a short introduction a brief explanation of the traditional project valuation methods is given. The main focus of this work lies in using the Net Present Value method as a basic valuation tool in conjunction with the Monte Carlo Simulation technique and the Decision Tree Analysis approach to form a comprehensive method for project valuation under risk and uncertainty. The extensive project valuation methodology introduced is applied on two fictional projects, one from the pharmaceutical sector and one from the oil and gas exploration and production industry. Both industries deal with high risks, high uncertainties and high costs, but also high rewards. The example from the pharmaceutical industry illustrates very well how the application of the Monte Carlo Simulation and Decision Tree Analysis method, results in a well-diversified portfolio of new drugs with the highest reward at minimum possible risk. Applying the presented probabilistic project valuation approach on the oil exploration and production project shows how to reduce the risk of losing big.

Human Judgment and Decision Processes in Applied Settings is the second to two volumes that attempt to define the areas of progress in the understanding of human decision making processes. The first volume, Human Judgment and Decision Processes (Academic Press, 1975) was concerned with formal and mathematical approaches to the problems of judgment and decision making. The major theoretical orientations (information integration theory, signal detection theory, portfolio theory, and multiattribute-utility measurement) were presented and their rationales discussed. The present volume is concerned with the application of these theories, and the various techniques derived from them, to the problems of decision making in the everyday world. The chapters reflect the many modifications and adjustments that must be made to mathematical rules in order to apply decision theory models in the real world. The tools described serve a broad variety of interests: those of the urban health or social planner, the organizational manager, the researcher, the educator, and, in fact, all of those who must weight evidence to reach decisions. Planner, manager, researcher, teacher, policymaker—all will find assistance in overcoming the commonly encountered roadblocks when one must choose between alternatives in what remains an uncertain world.

This volume will explore how financial decision-making changes at older ages, how and when financial advice can be useful for the older population, and what solutions and opportunities are needed to resolve the likely problems that will arise.

Winner of the 2016 De Groot Prize from the International Society for Bayesian AnalysisNow in its third edition, this classic book is widely considered the leading text on Bayesian methods, lauded for its accessible, practical approach to analyzing data and solving research problems. Bayesian Data Analysis, Third Edition continues to take an applied