March 11, 2013

A Robust Decision

The development of a robust decision can be quite challenging. A robust decision is the best possible solution to when one has the option of alternative decisions. A robust decision does not have to be an infallible decision; it has a degree of risks, but it is probably more satisfactory and feasible than other alternatives. It is integral to address decision making problems with immediate action. Our decisions are contingent on our experiences from similar situations from the past, an analysis of our current situation and a certain degree of hindsight. The robustness of the decision, along with the associated risks with that decision are only as robust, or as good as the assumptions on which they are dependent. As a matter of fact, all assumptions and estimations rest on a probability of uncertainty. Whilst uncertainty cannot be eradicated from a given situation, it can be managed using a wide array of different robust decision making tools and techniques in order to reach a decision as robust as possible.

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