Decision-Making under Uncertainty : An Applied Statistics Approach

In real-life decision-making situations it is necessary to make decisions with incomplete information, for oftentimes uncertain results. In Decision-Making Under Uncertainty, Dr Chacko applies his years of statistical research and experience to the analysis of 24 real-life decision-making situations, both those with few data points (eg Cuban Missile Crisis), and many data points (eg aspirin for heart attack prevention). These situations encompass decision-making in a variety of business, social and political, physical and biological, and military environments. Though different, all of these have one characteristic in common: their outcomes are uncertain/unknown, and unknowable. Chacko demonstrates how the decision-maker can reduce uncertainty by choosing probable outcomes using the statistical methods he introduces.