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Decisions with Multiple Objectives (Keeney, Raiffa, 1993)

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Preferences and Value Tradeoffs

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Many of the complex problems faced by decision makers involve multiple conflicting objectives. This book describes how a confused decision maker, who wishes to make a reasonable and responsible choice among alternatives, can systematically probe his true feelings in order to make those critically important, vexing trade-offs between incommensurable objectives. The theory is illustrated by many real concrete examples taken from a host of disciplinary settings. The standard approach in decision theory or decision analysis specifies a simplified single objective like monetary return to maximise. By generalising from the single objective case to the multiple objective case, this book considerably widens the range of applicability of decision analysis.

p.34 An objective generally indicates the "direction" in which we should strive to do better... A goal is different from an objective in that it is either achieved or not.
   Goals are useful for clearly identifying a level of achievement to strive toward.
 
p.38 To be useful to the decision maker, an attribute should be both comprehensive and measurable.
 
p.50 It is important in any decision problem that the set of attributes be complete, so that it covers all the important aspects of the problem; operational, so that it can be meaningfully used in the analysis; decomposable, so that aspects of the evaluation process can be simplified by breaking it down into parts; nonredundant, so that double counting of impacts can be avoided; and minimal, so that the problem dimension is kept as small as possible."
 
p.55 A proxy attribute is one that reflects the degree to which an associated objective is met but does not directly measure the objective. Thus, proxy attributes indirectly measure the achievement on a stated objective. It could be argued that essentially all attributes are proxy attributes because nothing can be absolutely measured. There are just varying degrees to which an objective is directly measured.
 
p.64 To attempt any formal analysis of a complex decision problem requires an articulation of the decision maker's objectives and an identification of attributes useful for indicating the extent that these objectives are achieved. Unfortunately these objectives and attributes are not simply handed to us in an envelope at the beginning of an analysis. The intertwined processes of articulating objectives and identifying attributes are basically creative in nature. Thus, it is not possible to establish a step-by-step procedure that leads one in the end to a meaningful set of objectives and attributes.

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