ABSTRACT
This chapter introduces the idea that it is possible to look at decision-making on a formal basis. It discusses the well established methods of decision and risk analysis to see to what extent they can assist. The methods of analysis described rely upon the development of formal, structured, 'pictures' of the decision problem sometimes called 'models'. The methods and techniques apply equally to other assessments or opinions of value made under conditions of uncertainty, including, for example, property valuations of all kinds and the assessment of investment opportunities. The formal approach to decision-making makes it easier to identify and unravel the real complexities and distinguish them from those that arise from 'muddled thinking'. The purpose of this is to make the process of decision-making more explicit and to enable decision-makers to analyse and order their decisions more effectively.
