CE 22 Topic 6: Dealing with Multiattribute Decisions

1. economic

2. moral

3. aesthetic

4. social

5. political

6. religious

7. judicial

7 attributes of value as conceived by Aristotle

multi-attribute decision analysis

constructing a global preference relation for a set of alternatives evaluated using several criteria

multi-criteria decision analysis (MCDA)

other term for multi-attribute decision analysis

multi-attribute decision analysis

selection of best actions from a set of alternatives, each of which is evaluated against multiple and often conflicting criteria

true

true or false: each attribute should be independent and nonredundant

compensatory model

model where changes in values of a particular attribute can be offset or traded off against opposing changes in another attribute

noncompensatory model

model that retains the individuality of attributes as the best alternative is being determined; no trade-offs

dominance

screening method for eliminating inferior alternatives

satisficing

when there is an established range of minimum and maximum acceptable values for each attribute

disjunctive resolution

when each alternative is evaluated on the best value achieved of any attribute

lexicography

when certain attributes are judged more important than all other attributes

all attributes must be converted to common measurement scale (e.g., dollars, utiles)

basic principle of compensatory models

utile

dimensionless unit of worth

Simple Multi-attributed Rating Technique

SMART full name

1. ordinal scaling

2. weighting attributes

3. weighted evaluation of alternatives

4. alternatives-objectives score card

methods under SMART

ordinal scaling

ranking attributes in order of decreasing importance

weighting attributes

quantifying relative importance of attributes on dimensionless scale

normalized weight

obtained by dividing individual weight by total weights of all attributes

weighted evaluation of alternatives

quantifying how well each alternative meets each attribute on a dimensionless scale and then summing the product of the evaluations and their respective weightings

alternatives-objectives score card

matrix of alternatives vs attributes together with numbers and/or symbols to represent how well each alternative meets each objective