A managed Bayesian risk approach for decision making alternatives

Abstract

Bayesian risk analysis is widely used in industry management for many years.But some of uncertain factors unfortunately existed such as the bias of modeling and the obstacle of large volume data access from an online system. The purpose of a managed Bayesian risk approach proposed is to solve these problems. The approach we proposed in this article clarifies various situations for decision making alternatives. Furthermore, a case study of vehicle recognition failure event is demonstrated to verify the model we propose.