Statistical Raiffa

Statistical Raiffa is a decision-making approach that combines probability and preferences to choose the best option under uncertainty. Developed by economist Howard Raiffa, it involves evaluating possible outcomes with their likelihoods and weighing how desirable each outcome is to make informed choices. This method helps individuals and organizations systematically assess risks and benefits, leading to decisions that maximize expected value or satisfaction, especially in complex or uncertain situations. It emphasizes thoughtful analysis rather than intuition, providing a structured way to navigate uncertain scenarios confidently.