Assignment Task
Question
Modelling Strategic Decision Problems with Multiple Conflicting Objectives
Select a strategic decision problem that you (or a decision maker) is considering / has considered recently (either a business or personal decision). The problem should have at least four options and at least five criteria.
You want to assess the value of each strategic option and identify the best option overall for the decision maker (or for you).
a) Identify the fundamental objectives for the decision problem.
b) Search or create four mutually exclusive decision alternatives (strategic options).
c) Develop an attribute for each fundamental objective to measure the achievement of each decision alternative on the objective.
d) Conduct field research, collect data, and synthesise information about the performances of your strategic options and create a decision table.
e) Elicit the partial value of every strategic option on each attribute. Make sure you are using the right procedure for eliciting value scores.
f) Elicit weights of the objectives using swing weights. Make sure you are using the right procedure for eliciting swing weights and setting up strategic priorities.
g) Analyse the overall value of your strategic options, review the results of your decision analysis, and conduct a sensitivity analysis on the results of the model, specifically:
– a sensitivity analysis of the influence of weights on the overall value of the strategic options;
– a sensitivity analysis of any uncertainty about the performances on the overall value of the strategic options.
h) Draw conclusions and recommendations from your strategic decision analysis.
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