✦ LIBER ✦

Resource allocation under uncertainty

✍ Scribed by Frank H. Trinkl

Publisher: Springer US
Year: 1975
Tongue: English
Weight: 618 KB
Volume: 6
Category: Article
ISSN: 0032-2687
DOI: 10.1007/bf00186753

No coin nor oath required. For personal study only.

✦ Synopsis

Rarely is the informational data required for the analysis of resource allocation decisions known with precision; uncertainty in such data is the rule, and not the exception. The conventional approach relying on data averaging, even when coupled with sensitivity analysis, limits the insights obtainable. Concepts of decision analysis under uncertainty are applied here to a controllable, Markov resource-allocative model. Proper application of these concepts provide the preferred framework for resolving informational data uncertainties.

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