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Decision Making and Fuzzy Information
Authors: Owat Sunanta, Reinhard Viertl
Number of views: 331
Information and its quality are essential for effective decision making, which often takes
into account the statistical knowledge of the condition under consideration. Information in form of
collected data from continuous quantities is always uncertain, i.e. more or less fuzzy. However, such
data can be further described by so-called fuzzy numbers for better understanding. In applied
statistics, a more general form of distributions (so-called fuzzy densities) is suitable to model
uncertain stochastic information. The combination of fuzziness and stochastic uncertainty calls for a
generalization of mathematical models for decision making. As a result, models must be generalized
to handle this situation. This is possible and will be explained via decision model and utility.