Decision Making Under Uncertain and Risky Situations

This paper offers a decision making procedure for solving complex problems step by step. It presents the decision analysis process for both public and private decision making, using different decision criteria, different types of information and information of varying quality. It describes the elements in the analysis of decision alternatives and choices, as well as the goals and objectives that guide decision making. The key issues related to a decision-maker’s preferences regarding alternatives, criteria for choice and choice modes, together with the risk assessment tools, are also presented.