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Decision Matrix
A decision matrix is a list of values in rows and columns that allows an analyst to systematically identify, analyze, and rate the performance of relationships between sets of values and information. Elements of a decision matrix show decisions based on certain decision criteria. The matrix is useful for looking at large masses of decision factors and assessing each factor's relative significance by weighting them by importance. Multiple-criteria decision analysis The term ''decision matrix'' is used to describe a multiple-criteria decision analysis (MCDA) problem. An MCDA problem, where there are ''M'' alternative options and each needs to be assessed on ''N'' criteria, can be described by the decision matrix which has ''N'' rows and ''M'' columns, or ''M'' × ''N'' elements, as shown in the following table. Each element, such as ''X''''ij'', is either a single numerical value or a single grade, representing the performance of alternative ''i'' on criterion ''j''. For e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Multiple-criteria Decision Analysis
Multiple-criteria decision-making (MCDM) or multiple-criteria decision analysis (MCDA) is a sub-discipline of operations research that explicitly evaluates multiple conflicting criteria in decision making (both in daily life and in settings such as business, government and medicine). Conflicting criteria are typical in evaluating options: cost or price is usually one of the main criteria, and some measure of quality is typically another criterion, easily in conflict with the cost. In purchasing a car, cost, comfort, safety, and fuel economy may be some of the main criteria we consider – it is unusual that the cheapest car is the most comfortable and the safest one. In portfolio management, managers are interested in getting high returns while simultaneously reducing risks; however, the stocks that have the potential of bringing high returns typically carry high risk of losing money. In a service industry, customer satisfaction and the cost of providing service are fundamen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MCDA
Multiple-criteria decision-making (MCDM) or multiple-criteria decision analysis (MCDA) is a sub-discipline of operations research that explicitly evaluates multiple conflicting criteria in decision making (both in daily life and in settings such as business, government and medicine). Conflicting criteria are typical in evaluating options: cost or price is usually one of the main criteria, and some measure of quality is typically another criterion, easily in conflict with the cost. In purchasing a car, cost, comfort, safety, and fuel economy may be some of the main criteria we consider – it is unusual that the cheapest car is the most comfortable and the safest one. In portfolio management, managers are interested in getting high returns while simultaneously reducing risks; however, the stocks that have the potential of bringing high returns typically carry high risk of losing money. In a service industry, customer satisfaction and the cost of providing service are fundamen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Evidential Reasoning Approach
In decision theory, the evidential reasoning approach (ER) is a generic evidence-based multi-criteria decision analysis (MCDA) approach for dealing with problems having both quantitative and qualitative criteria under various uncertainties including ignorance and randomness. It has been used to support various decision analysis, assessment and evaluation activities such as environmental impact assessment and organizational self-assessment based on a range of quality models. Overview The evidential reasoning approach has recently been developed on the basis of decision theory in particular utility theory, artificial intelligence in particular the theory of evidence, statistical analysis and computer technology. It uses a belief structure to model an assessment with uncertainty, a belief decision matrix to represent an MCDA problem under uncertainty, evidential reasoning algorithms to aggregate criteria for generating distributed assessments, and the concepts of the belief and pla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Belief Distribution
A belief structure is a distributed assessment with beliefs. Evidential reasoning A belief structure is used in the evidential reasoning (ER) approach for multiple-criteria decision analysis (MCDA) to represent the performance of an alternative option on a criterion. In the ER approach, an MCDA problem is modelled by a belief decision matrix instead of a conventional decision matrix. The difference between the two is that, in the former, each element is a belief structure; in the latter, conversely, each element is a single value (either numerical or textual). Application For example, the quality of a car engine may be assessed to be “excellent” with a high degree of belief (e.g. 0.6) due to its low fuel consumption A fuel is any material that can be made to react with other substances so that it releases energy as thermal energy or to be used for work. The concept was originally applied solely to those materials capable of releasing chemical energy but ..., low ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Belief Structure
A belief structure is a distributed assessment with beliefs. Evidential reasoning A belief structure is used in the evidential reasoning (ER) approach for multiple-criteria decision analysis (MCDA) to represent the performance of an alternative option on a criterion. In the ER approach, an MCDA problem is modelled by a belief decision matrix instead of a conventional decision matrix. The difference between the two is that, in the former, each element is a belief structure; in the latter, conversely, each element is a single value (either numerical or textual). Application For example, the quality of a car engine may be assessed to be “excellent” with a high degree of belief (e.g. 0.6) due to its low fuel consumption A fuel is any material that can be made to react with other substances so that it releases energy as thermal energy or to be used for work. The concept was originally applied solely to those materials capable of releasing chemical energy but ..., low ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decisional Balance Sheet
A decisional balance sheet or decision balance sheet is a tabular method for representing the pros and cons of different choices and for helping someone decide what to do in a certain circumstance. It is often used in working with ambivalence in people who are engaged in behaviours that are harmful to their health (for example, problematic substance use or excessive eating), as part of psychological approaches such as those based on the transtheoretical model of change,; ; and in certain circumstances in motivational interviewing. Use and history The decisional balance sheet records the advantages and disadvantages of different options. It can be used both for individual and organisational decisions. The balance sheet recognises that both gains and losses can be consequences of a single decision. It might, for example, be introduced in a session with someone who is experiencing problems with their alcohol consumption with a question such as: "Could you tell me what you get out ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decision-matrix Method
The decision-matrix method, also Pugh method or Pugh concept selection, invented by Stuart Pugh Stuart Pugh (1929 - 9 October 1993) was a British product designer from Halifax, UK. He is known for redefining Total Design (methodology), which had previously been coined by Ove Arup regarding integrated architecture and structural engi ...,S. Pugh (1981) Concept selection: a method that works. In: Hubka, V. (ed.), Review of design methodology. Proceedings international conference on engineering design, March 1981, Rome. Zürich: Heurista, 1981, blz. 497 – 506. is a qualitative technique used to rank the multi-dimensional options of an option set. It is frequently used in engineering for making design decisions but can also be used to rank investment options, vendor options, product options or any other set of multidimensional entities. Definition A basic decision matrix consists of establishing a set of criteria and a group of potential candidate designs. One of these is a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Multiple-criteria Decision Analysis
Multiple-criteria decision-making (MCDM) or multiple-criteria decision analysis (MCDA) is a sub-discipline of operations research that explicitly evaluates multiple conflicting criteria in decision making (both in daily life and in settings such as business, government and medicine). Conflicting criteria are typical in evaluating options: cost or price is usually one of the main criteria, and some measure of quality is typically another criterion, easily in conflict with the cost. In purchasing a car, cost, comfort, safety, and fuel economy may be some of the main criteria we consider – it is unusual that the cheapest car is the most comfortable and the safest one. In portfolio management, managers are interested in getting high returns while simultaneously reducing risks; however, the stocks that have the potential of bringing high returns typically carry high risk of losing money. In a service industry, customer satisfaction and the cost of providing service are fundamen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Creativity Techniques
Creativity techniques are methods that encourage creative actions, whether in the arts or sciences. They focus on a variety of aspects of creativity, including techniques for idea generation and divergent thinking, methods of re-framing problems, changes in the affective environment and so on. They can be used as part of problem solving, artistic expression, or therapy. Some techniques require groups of two or more people while other techniques can be accomplished alone. These methods include word games, written exercises and different types of improvisation, or algorithms for approaching problems. Aleatory techniques exploiting randomness are also common. Aleatory techniques Aleatoricism is the incorporation of chance (random elements) into the process of creation, especially the creation of art or media. Aleatoricism is commonly found in music, art, and literature, particularly in poetry. In film, Andy Voda made a movie in 1979 called '' Chance Chants'', which he produced by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
