DESIGN DECISIONS UNDER UNCERTAINTY WITH LIMITED INFORMATION by Efstratios Nikolaidis, Zissimos P. Mourelatos, Vijitashwa Pandey ( 9780415492478 )

Item Details

Title:

DESIGN DECISIONS UNDER UNCERTAINTY WITH LIMITED INFORMATION
STRUCTURES AND INFRASTRUCTURES BOOK SERIES

By:

Efstratios Nikolaidis, Zissimos P. Mourelatos, Vijitashwa Pandey

Format:

Hardback

List price:

£220.00

Our price:

£198.00

Discount:

10% off

You save:

£22.00

ISBN 10:

0415492475

ISBN 13:

9780415492478

Availability:

Usually dispatched within 1-3 weeks.

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Stock:

Currently 0 available

Publisher:

TAYLOR & FRANCIS LTD

Pub. date:

18 February, 2011

Series:

Structures and Infrastructures

Pages:

538

Description:

Reliability methods are becoming increasingly popular in engineering design because they help build safer and more efficient products than traditional deterministic methods. This work presents and compares some of the most important theories for modeling uncertainty and explains what tools are most suitable for a given design problem.

Synopsis:

Today's business environment involves design decisions with significant uncertainty. To succeed, decision-makers should replace deterministic methods with a risk-based approach that accounts for the decision maker's risk tolerance. In many problems, it is impractical to collect data because rare or one-time events are involved. Therefore, we need a methodology to model uncertainty and make choices when we have limited information. This methodology must use all available information and rely only on assumptions that are supported by evidence. This book explains theories and tools to represent uncertainty using both data and expert judgment. It teaches the reader how to make design or business decisions when there is limited information with these tools. Readers will learn a structured, risk-based approach, which is based on common sense principles, for design and business decisions. These decisions are consistent with the decision-maker's risk attitude. The book is exceptionally suited as educational material because it uses everyday language and real-life examples to elucidate concepts.It demonstrates how these concepts touch our lives through many practical examples, questions and exercises. These are designed to help students learn that first they should understand a problem and then establish a strategy for solving it, instead of using trial-and-error approaches. This volume is intended for undergraduate and graduate courses in mechanical, civil, industrial, aerospace, and ocean engineering and for researchers and professionals in these disciplines. It will also benefit managers and students in business administration who want to make good decisions with limited information.

Illustrations:

ill

Publication:

Imprint:

CRC Press

Returns:

Returnable

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DECISION BASED DESIGN