Multi-stage Decisions Under Conditions of Uncertainty

J. F. Woodward
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J. F. Woodward: University of Stirling

Chapter 9 in Quantitative Methods in Construction Management and Design, 1975, pp 156-167 from Palgrave Macmillan

Abstract: Abstract It is often the case that a decision has to be taken at some time before the outcome of a future event is known, and it may arise that a whole series of decisions and chance events will present itself to the manager in such a way that he will feel somewhat bewildered by the range of inter-related problems confronting him. Single decisions can readily be assessed by the methods outlined in chapter 8, but where a series of decisions at separate times is encountered then a different technique is called for. The so-called decision tree1,2 provides this method, and can be set out as shown below, illustrating an approach to a simple problem.

Keywords: Dynamic Programming; Cash Flow; Optimal Decision; Spring Tide; Decision Point (search for similar items in EconPapers)
Date: 1975
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-15579-8_9

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DOI: 10.1007/978-1-349-15579-8_9

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