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An Approximate Measure of Value

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  • C. West Churchman

    (Case Institute of Technology)

  • Russell L. Ackoff

    (Case Institute of Technology)

Abstract

Selection of an optimum decision depends on two types of measures: (1) the efficiency of a course of action for an outcome; (2) the importance or weight of the outcomes. That course of action that maximizes the expected total weighted efficiency (effectiveness) is optimum. A method for estimating importance on a scale of value is provided. It is based on actual or verbal choices of decision-makers. The method can be applied to any number of objectives or outcomes, and to any number of decision-makers. Reliability of the results can be measured. Operations Research , ISSN 0030-364X, was published as Journal of the Operations Research Society of America from 1952 to 1955 under ISSN 0096-3984.

Suggested Citation

  • C. West Churchman & Russell L. Ackoff, 1954. "An Approximate Measure of Value," Operations Research, INFORMS, vol. 2(2), pages 172-187, May.
    • Handle: RePEc:inm:oropre:v:2:y:1954:i:2:p:172-187
    DOI: 10.1287/opre.2.2.172
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