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Trade-Off Analysis in Discrete Decision Making Problems Under Risk

In: New Developments in Multiple Objective and Goal Programming

Author

Listed:
  • Maciej Nowak

    (The Karol Adamiecki University of Economics in Katowice)

Abstract

The paper considers a discrete stochastic multi-attribute decision making problem. This problem is defined by a finite set of alternatives A, a set of attributes X and a set E of evaluations of alternatives with respect to the attributes. In the stochastic case the evaluation of each alternative with respect to each attribute is characterized by a random variable. Thus, the comparison of two alternatives leads to the comparison of two vectors of probability distributions. In the paper a new interactive procedure for solving this problem is proposed. At each iteration a candidate alternative is proposed to the decision maker. If he/she is satisfied with the proposal, the procedure ends. Otherwise, the decision maker is asked to select the attribute to be improved and the attributes that can be decreased, ordered lexicographically starting with the one to be decreased first. The relations between distributions of trade-offs are used to generate a new proposal. An example is presented to illustrate the proposed technique.

Suggested Citation

  • Maciej Nowak, 2010. "Trade-Off Analysis in Discrete Decision Making Problems Under Risk," Lecture Notes in Economics and Mathematical Systems, in: Dylan Jones & Mehrdad Tamiz & Jana Ries (ed.), New Developments in Multiple Objective and Goal Programming, pages 103-115, Springer.
    • Handle: RePEc:spr:lnechp:978-3-642-10354-4_7
    DOI: 10.1007/978-3-642-10354-4_7
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    Citations

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    Cited by:

    1. Krzysztof S. Targiel & Maciej Nowak & Tadeusz Trzaskalik, 2018. "Scheduling non-critical activities using multicriteria approach," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 26(3), pages 585-598, September.
    2. Tadeusz Trzaskalik & Sebastian Sitarz & Cezary Dominiak, 2019. "Bipolar method and its modifications," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 27(3), pages 625-651, September.
    3. Maciej Nowak & Krzysztof Targiel, 2018. "Using a multicriteria interactive approach in scheduling non-critical activities," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 28(1), pages 43-56.
    4. Maciej Nowak & Tadeusz Trzaskalik, 2013. "Interactive procedure for a multiobjective stochastic discrete dynamic problem," Journal of Global Optimization, Springer, vol. 57(2), pages 315-330, October.

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