Create a 5 page essay paper that discusses ASSIGNMENT: PROJECT RISK ANALYSIS.However, in another case, where there is limited information and qualitative data available for decision making, the best c

Create a 5 page essay paper that discusses ASSIGNMENT: PROJECT RISK ANALYSIS.

However, in another case, where there is limited information and qualitative data available for decision making, the best choice would be to use an influence diagram to model the variables in the environment.

The optimal decision for the council is to maintain the same fare which will result in a net utility profit of 2 million. This way they would be maximizing the utility for the number of passengers and the profits. However, the council can also reduce fares and yield the same net utility profit of 2 million without advertising. Without advertising, the utility profit would be the same as keeping the same fare.

There are several ways to attempt a solution to a problem involving more than one variable schedules. Some of the major ways in which the problem could be tackled was using a neural approach to alternatives evaluation. Further, there are influence networks to assist with the changing utility of different outcomes and assist decision makers to make decisions under a variety of assumptions. The decision tree method is not one of the best methods to use in a utility problem however, in the situation given, the analysis was more structured and had plenty of quantitative data for the method to be applied easily.