On solving decision and risk management problems subject to uncertainty

Uncertainty is a pervasive challenge in decision and risk management and it is usually studied by quantification and modeling. Interestingly, engineers and other decision makers usually manage uncertainty with strategies such as incorporating robustness, or by employing decision heuristics. The focus of this paper is then to develop a systematic understanding of such strategies, determine their range of application, and develop a framework to better employ them. Based on a review of a dataset ...