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The Value of Decision Analysis at Eastman Kodak Company, 1990-1999

Author

Listed:
  • Robert T. Clemen

    (Fuqua School of Business, Duke University, Durham, North Carolina 27708)

  • Robert C. Kwit

    (Eastman Kodak Company, 155 Port View Circle, Rochester, New York 14617-1468)

Abstract

Because of the one-time nature of typical decision-analysis projects, organizations often have difficulty identifying and documenting their value. Based on Eastman Kodak Company's records for 1990 to 1999, we estimated that decision analysis contributed around a billion dollars to the organization over this time. The data also reflect the many roles decision analysis can play. Aside from its monetary benefits, it promotes careful thinking about strategies and alternatives, improved understanding and appreciation of risk, and use of systematic decision-making principles.

Suggested Citation

  • Robert T. Clemen & Robert C. Kwit, 2001. "The Value of Decision Analysis at Eastman Kodak Company, 1990-1999," Interfaces, INFORMS, vol. 31(5), pages 74-92, October.
    • Handle: RePEc:inm:orinte:v:31:y:2001:i:5:p:74-92
    DOI: 10.1287/inte.31.5.74.9655
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    References listed on IDEAS

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    1. Robert C. Nickerson & Dean W. Boyd, 1980. "The Use and Value of Models in Decision Analysis," Operations Research, INFORMS, vol. 28(1), pages 139-155, February.
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    Cited by:

    1. Baker, Erin & Chon, Haewon & Keisler, Jeffrey, 2009. "Advanced solar R&D: Combining economic analysis with expert elicitations to inform climate policy," Energy Economics, Elsevier, vol. 31(Supplemen), pages 37-49.
    2. Rex Brown, 2005. "The Operation Was a Success but the Patient Died: Aider Priorities Influence Decision Aid Usefulness," Interfaces, INFORMS, vol. 35(6), pages 511-521, December.
    3. Rex V. Brown, 2006. "Making decision research useful - not just rewarding," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 1, pages 162-173, November.
    4. Ralph L. Keeney, 2004. "Making Better Decision Makers," Decision Analysis, INFORMS, vol. 1(4), pages 193-204, December.
    5. Baker, Erin & Solak, Senay, 2011. "Climate change and optimal energy technology R&D policy," European Journal of Operational Research, Elsevier, vol. 213(2), pages 442-454, September.
    6. repec:cup:judgdm:v:1:y:2006:i::p:162-173 is not listed on IDEAS
    7. Baker, Erin & Keisler, Jeffrey M., 2011. "Cellulosic biofuels: Expert views on prospects for advancement," Energy, Elsevier, vol. 36(1), pages 595-605.
    8. Jeffrey Keisler, 2004. "Value of Information in Portfolio Decision Analysis," Decision Analysis, INFORMS, vol. 1(3), pages 177-189, September.
    9. Donald L. Keefer & Craig W. Kirkwood & James L. Corner, 2004. "Perspective on Decision Analysis Applications, 1990–2001," Decision Analysis, INFORMS, vol. 1(1), pages 4-22, March.
    10. Martin S. Schilling & Nadine Oeser & Cornelius Schaub, 2007. "How Effective Are Decision Analyses? Assessing Decision Process and Group Alignment Effects," Decision Analysis, INFORMS, vol. 4(4), pages 227-242, December.
    11. James E. Smith & Robert L. Winkler, 2006. "The Optimizer's Curse: Skepticism and Postdecision Surprise in Decision Analysis," Management Science, INFORMS, vol. 52(3), pages 311-322, March.
    12. Guo, Peijun & Li, Yonggang, 2014. "Approaches to multistage one-shot decision making," European Journal of Operational Research, Elsevier, vol. 236(2), pages 612-623.
    13. Ana Sofia Morais & Wasilios Hariskos, 2018. "Academic coaching and decision analysis: Ways of deciding whether to pursue an academic career," PLOS ONE, Public Library of Science, vol. 13(11), pages 1-18, November.
    14. Pekka Mild & Ahti Salo, 2009. "Combining a Multiattribute Value Function with an Optimization Model: An Application to Dynamic Resource Allocation for Infrastructure Maintenance," Decision Analysis, INFORMS, vol. 6(3), pages 139-152, September.

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    More about this item

    Keywords

    DECISION ANALYSIS—APPLICATIONS;

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