Question: Create 0 - 1 0 0 utility scales for each objective in your decision problem. ( Note Chapter 5 notes attached ) Enter each outcome
Create utility scales for each objective in your decision problem. Note Chapter notes attached
Enter each outcome scales 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 and objectives perhaps 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 multiattribute 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.
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
