Appraisal
Appraisal is the third and last stage in using formal decision methods. The objective of the appraisal stage is for the decision maker to develop insight into the decision and determine a clear course of action. Much of the insight developed in this stage results from exploring the implications of the formal decision model developed during the formulation stage (i.e., from mining the model). Central to these implications is the formal recommendation for action calculated during the evaluation stage. Other implications include various forms of sensitivity of the recommendation to selected variables in the model. Additional insight is obtained by exposing key aspects of the reasoning that led to the formal decision model (i.e., by justifying the model). Possible actions following the appraisal stage include implementing the recommended course of action, revising the formal model and reevaluating it, or abandoning the analysis and doing something else.
Justifying a decision model is the action of exploring and explaining the reasoning that led to the formulation of a particular decision model.
Mining a decision model is the action of extracting information (e.g., sensitivity, value of information, and value of control) from a given decision model.
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Famous quotes containing the word appraisal:
“When one cannot appraise out of one’s own experience, the temptation to blunder is minimized, but even when one can, appraisal seems chiefly useful as appraisal of the appraiser.”
—Marianne Moore (1887–1972)
“Do your children view themselves as successes or failures? Are they being encouraged to be inquisitive or passive? Are they afraid to challenge authority and to question assumptions? Do they feel comfortable adapting to change? Are they easily discouraged if they cannot arrive at a solution to a problem? The answers to those questions will give you a better appraisal of their education than any list of courses, grades, or test scores.”
—Lawrence Kutner (20th century)