Editing Decision analysis cycle

{{Refimprove|date=February 2010}}
The '''decision analysis''' ('''DA''') '''cycle''' is the top-level procedure for carrying out a [[decision analysis]]. Decision analysis ('''DA''') is the [[discipline]] comprising the [[philosophy]], [[methodology]], and [[professional]] practice necessary to address important [[Decision making|decisions]] in a formal manner.

The traditional decision analysis cycle consists of four phases:
*basis development
*deterministic sensitivity analysis
*[[probabilistic analysis]]
*basis appraisal.

The diagram below depicts the decision analysis cycle:<ref>Howard, Ronald A., ‘‘The Evolution of Decision Analysis,’’ in The Principles and Applications of Decision Analysis, ed. R. A. Howard and J. E. Matheson, SRI and Strategic Decisions Group (1983).   [http://decision.stanford.edu/library/ronald-a.-howard/the-evolution-of-decision-analysis-1 Web Link] {{Webarchive|url=https://web.archive.org/web/20100131122646/http://decision.stanford.edu/library/ronald-a.-howard/the-evolution-of-decision-analysis-1 |date=2010-01-31 }}</ref>

[[File:Dacycle.png|The decision analysis cycle]]

A revised form of the cycle consists of an attention-focusing method followed by a [[decision method]], each of which is composed of three stages:
*[[Formulation (decision analysis)|formulation]]
*[[Evaluation (decision analysis)|evaluation]]
*[[Appraisal (decision analysis)|appraisal]].

==See also==
* [[Decision model]]
* [[Decision theory]]
* [[Enterprise decision management]]

==References==
{{reflist}}

==External links==
* [https://books.google.com/books?id=sBtkvQXDB1cC Mohammed A. Mian text] retrieved 17/09/2011

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[[Category:Decision analysis]]


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