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Common Mistakes in Making Value Trade-Offs

Common Mistakes in Making Value Trade-Offs Value trade-offs define how much must be gained in the achievement of one objective to compensate for a lesser achievement on a different objective. Value trade-offs that adequately express a decision maker's values are essential both for good decision making in multiple-objective contexts and for insightful analyses of multiple-objective decisions. This paper identifies and illustrates 12 important mistakes frequently made that limit one's ability to determine useful value trade-offs. It then suggests how to avoid making these mistakes. The intent is to provide practical advice for making good value trade-offs, and hence, better decisions. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Operations Research INFORMS

Common Mistakes in Making Value Trade-Offs

Operations Research , Volume 50 (6): 11 – Dec 1, 2002
11 pages

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Publisher
INFORMS
Copyright
Copyright © INFORMS
Subject
Research Article
ISSN
0030-364X
eISSN
1526-5463
DOI
10.1287/opre.50.6.935.357
Publisher site
See Article on Publisher Site

Abstract

Value trade-offs define how much must be gained in the achievement of one objective to compensate for a lesser achievement on a different objective. Value trade-offs that adequately express a decision maker's values are essential both for good decision making in multiple-objective contexts and for insightful analyses of multiple-objective decisions. This paper identifies and illustrates 12 important mistakes frequently made that limit one's ability to determine useful value trade-offs. It then suggests how to avoid making these mistakes. The intent is to provide practical advice for making good value trade-offs, and hence, better decisions.

Journal

Operations ResearchINFORMS

Published: Dec 1, 2002

Keywords: Keywords : Decision analysis ; multiple criteria: assessing decision maker's value trade-offs. Utility/preference ; multiattribute: quantifying preferences

References