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Instructions
TERM PROJECT PART 7
Create 0-100 utility scales for each objective
Instructions
TERM PROJECT PART 7
Create 0-100 utility scales for each objective in your decision problem. (Note: Chapter 5 notes attached)
Enter each outcome scale’s score into your representation of your decision problem.
Create a scorecard for your decision problem. If your problem is particularly complicated, create a simplified scorecard that includes a limited number of alternatives (perhaps 4) and objectives (perhaps 3). Additionally, you might decide to further simplify the scorecard by not including any uncertain events. Instead, you might consider using the most likely outcome to characterize each alternative. Choose an alternative based on this scorecard. Do you feel confident in your selection? Was this approach appropriate to your decision problem? Was this approach superficial? If so, what bothers you about your selection or the selection process?
Identify tradeoff weights for the various objectives in your decision problem. Enter this multi-attribute utility formula into the total satisfaction element in the representation of your problem.
You now have enough information to identify your preferred alternative based on your structuring of the problem, your subjective assessment of any probabilities, and your priorities and values. Calculate the alternative with the highest expected total satisfaction.
Attachments
TMGT 4304 -Chapter 5 Slides.ppt
(2.18 MB)
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