Design Decisions under Uncertainty with Limited Information : Structures and Infrastructures Book Series, Vol. 7

Design Decisions Under Uncertainty with Limited Information illustrates practical design problem-solving techniques in the aerospace and automotive engineering industries. Using a balanced approach explaining both the theoretical foundations of the methods and their application to engineering design, it enables readers to learn a structured, risk-based technique for design under uncertainty when limited information is available. It provides guidance on which tools are available and which to select and apply, for a given design decision problem. Readers will further understand how to improve their overall performance using a structured approach for design under uncertainty.

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.