Multiple criteria decision making

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Title Multiple criteria decision making
Author ZELENY, Milan; COCHRANE, James L.
Abstract This volume is the direct result of a seminar on Multiple Criteria Decision Making held at the University of South Carolina on October 26-27, 1972. Support for this seminar and for production of this book was provided by the University of South Carolina Business Partnership Foundation. All the papers and abridgements of papers included in this volume were read at the seminar. They represent a major addition to decision making literature. Although the multiplicity of objectives in many areas of human decision making and judgment is readily observable in reality, multiple goal behavior has traditionally been approximated by single, unchanging, and technically manageable criteria. A typical example of this is the profit maximization criterion. "Profit" is really a surrogate for a number of complex variables such as earnings per share, stock price, debt-equity ratio, market share, goodwill, labor relations, product quality, and ecological impact of operations. Such a compression of several noncommensurable entities reduces their information content. Similarly, attempts . to translate nonmonetary terms has been considerably overdone. Dealing with such "incommensurables" as quality of life, pollution impact, educational level, personal health, esthetic value, job variety, and national security cannot be avoided any longer. Obviously, mathematicians' concept of "optimality" is not quite sufficient. The optimum optimorum is graduallybeing replaced by fuzzy solution concepts such as compromise, arbitration, interaction, prominence, dominance, satisficing, negotiation, and bargaining. The compromise resolution of multiple goal conflict is usually missing from theories of decision making. The search for theories, concepts, and techniques applicable to decision making processes under multiple criteria has steadily been intensified during the past few years. The time has come to review the results, to compare them, and to outline possible future directions. The seminar at which the papers in this volume were read was the first meeting of this nature in the United States. Since the problem is highly general, the participants represented many areas of applied decision making. Most were from business and economics, but a number of engineers, psychologists, sociologists, behavioral scientists, mathematicians, statisticians, and political scientists also contributed. The important part of the discussions explored the relation between formalized decision making techniques (utilizing computer and mathematical analyisi) and of human judgment, based on intuition, experience, and "professional insight." Rejuvenation of the role of human judgment seems to be one of the main aspects of the literature on multiple criteria decision making but many participants seem to be skeptical about man's ability to choose among multiattributed alternatives-suggesting an interaction.
xmlui.dri2xhtml.METS-1.0.item-description-miscellaneous 817 p., fig., ref. bib. : 17 p.1/2
Date 1973
Identifiant P195

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