Modeling Multi-Objective Multi-Stakeholder Decisions: A Case-Exercise Approach

The multi-objective multi-stakeholder decision modeling methodology is an effective way to describe and aid context-rich idiosyncratic organizational decision making situations that traditional single attribute decision methodologies can not tackle. The purpose of this paper is to demonstrate how to teach students this methodology as a decision making tool to analyze real-life decision problems using two business decisions as examples (the StarKist decision and the Home Depot case). In particular, we discuss the specific skills students are expected to learn, such as dynamic sensitivity analysis, and typical student questions and errors during case discussion. This methodology has been taught successfully in decision analysis courses both for MBA (including full-time MBA students, business and health care executive MBA students) and undergraduate students.

[1]  F. H. Barron,et al.  SMARTS and SMARTER: Improved Simple Methods for Multiattribute Utility Measurement , 1994 .

[2]  Craig W. Kirkwood,et al.  Decision Analysis to Select a Microcomputer Networking Strategy: A Procedure and a Case Study , 1988 .

[3]  L. Robin Keller,et al.  The Founding of INFORMS: A Decision Analysis Perspective , 1999, Oper. Res..

[4]  Robert T. Clemen,et al.  Making Hard Decisions: An Introduction to Decision Analysis , 1997 .

[5]  Monika I. Winn,et al.  A Modeling Methodology for Multiobjective Multistakeholder Decisions , 2001 .

[6]  Ralph L. Keeney,et al.  Identifying and Structuring Values to Guide Integrated Resource Planning at BC Gas , 1999, Oper. Res..

[7]  James L. Corner,et al.  Perspective on Decision Analysis Applications, 1990 - 2001 , 2004, Decis. Anal..

[8]  Ralph L. Keeney,et al.  Book Reviews : Scientific Opportunities and Public Needs: Improv ing Priority Setting and Public Input at the National Institutes of Health. Institute of Medicine. Washington, DC: National Academy Press, 1998, 136 pages, $26.00 , 1998 .

[9]  Craig W. Kirkwood,et al.  Multiobjective Decision Analysis for Transmission Conductor Selection , 1978 .

[10]  Ralph L. Keeney,et al.  Structuring West Germany's energy objectives , 1987 .

[11]  J. Eric Bickel,et al.  Teaching Decision Making with Baseball Examples , 2004 .

[12]  Ralph L. Keeney,et al.  Structuring Objectives for Problems of Public Interest , 1988, Oper. Res..

[13]  James L. Corner,et al.  Decision Analysis Applications in the Operations Research Literature, 1970-1989 , 1991, Oper. Res..

[14]  Craig W. Kirkwood,et al.  Strategic decision making : multiobjective decision analysis with spreadsheets : instructor's manual , 1996 .

[15]  Monika I. Winn,et al.  Harnessing Complexity, Idiosyncrasy and Time: A Modeling Methodology for Corporate Multi-Stakeholder Decisions , 1999 .

[16]  R. L. Keeney,et al.  Decisions with Multiple Objectives: Preferences and Value Trade-Offs , 1977, IEEE Transactions on Systems, Man, and Cybernetics.

[17]  Donald L. Keefer,et al.  A Multiobjective Decision Analysis: Budget Planning for Product Engineering , 1978 .

[18]  W. Edwards,et al.  Decision Analysis and Behavioral Research , 1986 .

[19]  D. Winterfeldt,et al.  Comparison of weighting judgments in multiattribute utility measurement , 1991 .

[20]  Ralph L. Keeney,et al.  Decisions with multiple objectives: preferences and value tradeoffs , 1976 .

[21]  S. French.  Value‐focused thinking: A path to creative decision making, Keeney, R. L., Cambridge, MA: Harvard University Press, 1992, ISBN 0‐674‐93197‐1 , 1993 .

[22]  L. Robin Keller,et al.  A Multiple-Objective Decision Analysis for Terrorism Protection: Potassium Iodide Distribution in Nuclear Incidents , 2006, Decis. Anal..