What are the Mathematical Decision Sciences?
The results of our individual decisions, such as the choice of financial investments or whether to smoke cigarettes, have a major effect on our lives. On a greater scale, decisions made by major organizations have a profound impact on the lives of large numbers of people. For example, the amount of medicare benefits, flood insurance rates, the location of school district boundaries, the approval of controversial drug treatments, the location of a hardware chains stores, and an airlines routes and fare schedules are all consequences of decisions made by governmental or corporate entities that affect all of us. Although seemingly diverse in their nature, these decision problems have much in common. In each case, the possible decisions can be formulated in a quantitative manner and from them a “best” option can be chosen. Moreover, these formulations are usually quite complex, often requiring the collection and analysis of large amounts of data and the handling of elements of uncertainty.
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