A comparison of encoding techniques

A limiting constraint of many management science techniques is that inputs from the decision maker based upon his experiences, opinions and intuition are not considered. For those models that do allow this type of input, it is assumed that they can be accurately and precisely defined in a subjective probability distribution. Little attention, however, has been directed towards evaluating the techniques to define these distributions in a management setting. This study investigates the relative merits of four of the most commonly used techniques for the quantification of subjective assessments. When these techniques were used with professionals whose jobs entail evaluation of uncertainty, a clear preference was shown. Additionally, some concluding observations concerning the selection and the application of assessment techniques are presented.