  We propose a decision-analytical approach to comparing the flexibility of
decision situations from the perspective of a decision-maker who exhibits
constant risk-aversion over a monetary value model. Our approach is simple yet
seems to be consistent with a variety of flexibility concepts, including robust
and adaptive alternatives. We try to compensate within the model for
uncertainty that was not anticipated or not modeled. This approach not only
allows one to compare the flexibility of plans, but also guides the search for
new, more flexible alternatives.
