Lab # $7$: Evaluating Alternatives $($Work in pairs$)$

Objective:

In this lab you will gain experience in using cost$/$benefit analysis and comparing alternatives.

After your success and hard work at school, you decided to award yourself by buying a new cell phone. You can select any cell phone you'd like; however you need to compare at least three different cell phone models for their properties $($criteria$)$ before making a selection. Dependent on the results of your analysis, you will buy the cell phone with the largest benefit.

What you must determine during the lab:

Decide on the three cell phone models that you will compare. Consider the "Comparing Alternatives" handout on the IE $2224$ course webpage.

After Lab:

Determine the three alternative cell phones you will compare.

Determine at least five criteria to develop the preference matrix.

Find the standardized weights of each criterion.

Define the ranks used for the criteria.

Identify which cell phone results with largest the benefits.

$($Provide detailed explanation in each step and return all your work to the instructor$)$