International Journal of Science and Research (IJSR)

International Journal of Science and Research (IJSR)
Since Year 2012 | Open Access | Double Blind Reviewed

ISSN: 2319-7064




Downloads: 148

Research Paper | Civil Engineering | India | Volume 5 Issue 4, April 2016


An Overview on Decision Making Under Risk and Uncertainty

Manjushree Kurhade | Rahul Wankhade


Abstract: Decision is nothing but a conclusion reached after consideration or it is the tendency of people to become certain about anything which they wants to do. Whereas decision making is a process of selecting the best among the different alternatives. Decision-making involves the selection of a course of action from among two or more possible alternatives in order to arrive at a solution for a given problem. Risk and uncertainty is incorporated during the decision making. Risk is nothing but the situation involving exposure to danger. Also the uncertainty is the lack of certainty, a state of having limited or incorrect knowledge where it is impossible to exactly describe the existing state, a future outcome. The sources of risk and uncertainty in decision making are discussed, emphasizing the distinction between uncertainty and risk. This paper introduces concepts, principles and approaches for addressing rick & uncertainty in decision making & provides a brief overview of risk mapping also the decision tree.


Keywords: Decision making, Risk, Uncertainty, Decision tree


Edition: Volume 5 Issue 4, April 2016,


Pages: 416 - 422


How to Cite this Article?

Manjushree Kurhade, Rahul Wankhade, "An Overview on Decision Making Under Risk and Uncertainty", International Journal of Science and Research (IJSR), Volume 5 Issue 4, April 2016, pp. 416-422, https://www.ijsr.net/get_abstract.php?paper_id=NOV162585

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