Info-gap decision theoryInfo-gap decision theory seeks to optimize robustness to failure under severe uncertainty, in particular applying sensitivity analysis of the stability radius type to perturbations in the value of a given estimate of the parameter of interest. It has some connections with Wald's maximin model; some authors distinguish them, others consider them instances of the same principle. It has been developed by Yakov Ben-Haim, and has found many applications and described as a theory for decision-making under "severe uncertainty".
Variable renewable energyVariable renewable energy (VRE) or intermittent renewable energy sources (IRES) are renewable energy sources that are not dispatchable due to their fluctuating nature, such as wind power and solar power, as opposed to controllable renewable energy sources, such as dammed hydroelectricity or biomass, or relatively constant sources, such as geothermal power. The use of small amounts of intermittent power has little effect on grid operations. Using larger amounts of intermittent power may require upgrades or even a redesign of the grid infrastructure.
MegaprojectA megaproject is an extremely large-scale investment project. According to the Oxford Handbook of Megaproject Management, "Megaprojects are large-scale, complex ventures that typically cost 1billionormore,takemanyyearstodevelopandbuild,involvemultiplepublicandprivatestakeholders,aretransformational,andimpactmillionsofpeople".However,1 billion is not a constraint in defining megaprojects; in some contexts a relative approach is needed, such as in developing countries, where a much smaller project (such as one with a $100 million budget) could constitute a megaproject. Sunk costIn economics and business decision-making, a sunk cost (also known as retrospective cost) is a cost that has already been incurred and cannot be recovered. Sunk costs are contrasted with prospective costs, which are future costs that may be avoided if action is taken. In other words, a sunk cost is a sum paid in the past that is no longer relevant to decisions about the future.
Life supportLife support comprises the treatments and techniques performed in an emergency in order to support life after the failure of one or more vital organs. Healthcare providers and emergency medical technicians are generally certified to perform basic and advanced life support procedures; however, basic life support is sometimes provided at the scene of an emergency by family members or bystanders before emergency services arrive. In the case of cardiac injuries, cardiopulmonary resuscitation is initiated by bystanders or family members 25% of the time.
Design–bid–buildDesign–bid–build (or design/bid/build, and abbreviated D–B–B or D/B/B accordingly), also known as Design–tender (or "design/tender") traditional method or hardbid, is a project delivery method in which the agency or owner contracts with separate entities for the design and construction of a project. Design–bid–build is the traditional method for project delivery and differs in several substantial aspects from design–build.
MinimaxMinmax (sometimes Minimax, MM or saddle point) is a decision rule used in artificial intelligence, decision theory, game theory, statistics, and philosophy for minimizing the possible loss for a worst case (maximum loss) scenario. When dealing with gains, it is referred to as "maximin" – to maximize the minimum gain. Originally formulated for several-player zero-sum game theory, covering both the cases where players take alternate moves and those where they make simultaneous moves, it has also been extended to more complex games and to general decision-making in the presence of uncertainty.
Patent valuationIntellectual property assets such as patents are the core of many organizations and transactions related to technology. Licenses and assignments of intellectual property rights are common operations in the technology markets, as well as the use of these types of assets as loan security. These uses give rise to the growing importance of financial valuation of intellectual property, since knowing the economic value of patents is a critical factor in order to define their trading conditions.
Wald's maximin modelIn decision theory and game theory, Wald's maximin model is a non-probabilistic decision-making model according to which decisions are ranked on the basis of their worst-case outcomes – the optimal decision is one with the least bad worst outcome. It is one of the most important models in robust decision making in general and robust optimization in particular. It is also known by a variety of other titles, such as Wald's maximin rule, Wald's maximin principle, Wald's maximin paradigm, and Wald's maximin criterion.
Outline of project managementThe following outline is provided as an overview of and topical guide to project management: Project management – discipline of planning, organizing, securing, managing, leading, and controlling resources to achieve specific goals. A project is a temporary endeavor with a defined beginning and end (usually time-constrained, and often constrained by funding or deliverables), undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value.
