Description
Book SynopsisThis book offers a comprehensive introduction to decision-making in an MCDM framework. Designed as a tutorial, it presents the main concepts and methods to be applied, together with essential background information. This includes the concept of nondominance, Simon’s bounded rationality, Tversky and Kahneman’s prospect theory, and the concepts of behavioral vs. mathematical convergence and premature stopping put forward by Korhonen, Moskowitz and Wallenius. The book concludes with a non-technical review of many popular decision algorithms, including the Analytic Hierarchy Process (AHP), VIMDA, and a number of classic interactive man-machine algorithms. In essence, the book is a “one-stop” source on everything you need to know about managerial decision-making in the multiple-criteria setting.
Table of ContentsDifferent Paradigms of Decision-Making.About the Role of Intuition.Towards Analytic Decision-Making.How Do Humans Make Choices?.Beware of Decision Traps: The World of Certainty.Beware of Decision Traps: The World of Uncertainty.The Devil is in the Details.A Picture is Worth a Thousand Words.Choosing Among Known Alternatives.Designing Potential Solutions.Solving Design Problems.Need for Decision Support Systems.Use Scenarios Instead of a Crystal Ball.Making Operations More Efficient.Real-World Problems.Negotiating a Deal.In Conclusion.
