Robust Decision Making (RDM)

Abstract: In some situations, decisions on projects or program management must been made under deep uncertainty. In this case, the classic risk management tools are not well adapted. Robust Decision Making (RDM) is one of the solutions which can be used to correctly consider this high level of uncertainty. In contrary of the classic risk management tools, RDM helps decision makers to choose not the optimal solution, but the solution (of set of solutions) which is the less bad regarding the set of possible future. After having briefly presented the history and main principles of RDM, this article aims to give a guideline so that the reader can implement it. This includes a short presentation of different useful tools and a step-by-step methodology. The relevance and limitations of RDM are also discussed at the end.

References

Sources: https://doi.org/10.1016/j.envsoft.2016.09.017

ISBN 978-3-030-05252-2 (eBook) https://doi.org/10.1007/978-3-030-05252-2

http://eprints.lse.ac.uk/68318/1/Conway_Barriers%20and%20opportunities%20.pdf

https://econadapt-toolbox.eu/robust-decision-making