Modelling Risk and Decisions Analysis


Modelling Risk and Decisions Analysis

Risks and their management are an integral part of decision making in the 21st century. A decision framework should allow groups of stakeholders to evaluate multiple-objective decisions and analyze trade-offs of various alternatives/scenarios/decision to be considered. However, formulating these alternatives, objectives, and trade-offs involves working with both facts (the uncertain state of the “world” one models) and values (what one deems important). Ideally, the facts and the values should be kept separate even when they seem completely entangled. This distinction is important both at a qualitative level, when building conceptual models, and at a quantitative level, when populating the conceptual models with numerical parameters. Moreover, at both levels, this distinction will directly help the search for, and use of appropriate resources.

In this Research Topic, we concentrate on modelling the uncertain state of the world and the way these models inform decision making and risk analysis. Nonetheless, perspectives on the larger decision framework scene are also welcome. Modelling uncertainty often requires the assessment of multiple, dependent uncertain quantities of interest. In addition to univariate distributions, interdependencies between these quantities or variables need to be modelled to properly understand the overall risk.

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Media Contact:
Nimmi Anna
Journal Manager
Allied Journal of Medical Research