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Decision Theory Applied to Settlement Predictions
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Bayesian StatisticEngineeringDecision AnalysisDecision ScienceBayesian InferenceGeotechnical EngineeringUncertainty QuantificationRisk ManagementManagementProbabilistic ReasoningDecision TheoryStatisticsEconomicsPredictive AnalyticsSettlement PredictionsProbability TheoryBayesian StatisticsSubjective JudgmentCivil EngineeringImprecise ProbabilityProbabilistic AnalysisTheoretical Soil Mechanics
Theory of probability represents a potentially useful link between theoretical soil mechanics and engineering practice. The Bayesian approach in probability theory (1,3, 10) allows subjective judgment to be combined with objective information. Furthermore, probabilistic procedures provide a framework that can assist the engineer in organizing, accumulating, and evaluating experience. It can be an extremely valuable aid for the inexperienced engineer who has little feeling for the risks involved in any decision.