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What is Chance Node

Chapter 54
Encyclopedia of Decision Making and Decision Support Technologies
A variable included on an influence diagram the decision maker does not control. The possible values of the node are usually associated with some probability distribution. Chance nodes are usually environmental variables.
Published in Chapter:
Influence Diagrams as a Tool for Decision Support System Design
Peter O’Donnell (Monash University, Australia) and Rob Meredith (Monash University, Australia)
Copyright: © 2008 |Pages: 8
DOI: 10.4018/978-1-59904-843-7.ch054
Abstract
This article examines the application of a modeling technique called influence diagramming to decision support system (DSS) analysis. Influence diagrams allow the development of a model of the natural (at least from the perspective of the decision maker) structure of a decision situation. These diagrams are simple to develop and understand, providing the DSS analyst and the decision maker with a useful basis for communication. The diagrams can also be easily translated into specifications detailing the design of a computer-based system. In particular, influence diagrams are well suited to the specification and description of spreadsheet-based models commonly used in contemporary decision support systems.
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