Multi-Dimensional Value Assessment for Decision Making

Abstract

Decision analysis is a tool that can be used to improve the quality of complex decisions in an uncertain environment. A decision analysis is constructed by specifying alternative courses of action and the possible consequences of action. Each of the consequences is evaluated in terms of its relative probability of occurrence and its value to the decision maker if it should occur. Decision analysis has been used primarily in business settings where values of consequences can be measured in terms of dollars. In non- business environments, however, non-monetary criteria may be of paramount importance. The situation is further complicated if relevant values vary along more than a single dimension. The paper reviews the psychological literature on the problem of assigning numerical values when several value attributes (or criteria) are relevant to the decision maker.

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Document Details

Document Type
Technical Report
Publication Date
Jun 01, 1972
Accession Number
AD0746156

Entities

People

  • Gregory W. Fischer

Organizations

  • University of Michigan

Tags

Communities of Interest

  • C4I
  • Human Systems
  • Materials and Manufacturing Processes

DTIC Thesaurus Topics

  • Analysis Of Variance
  • Applied Psychology
  • Behavioral Sciences
  • Commerce
  • Decision Theory
  • Engineering
  • Human Factors Engineering
  • Information Processing
  • Information Systems
  • Instructors
  • Operations Research
  • Probability
  • Probability Distributions
  • Psychology
  • Social Psychology
  • Statistical Analysis
  • Students

Fields of Study

  • Mathematics

Readers

  • Life Cycle Cost Analysis
  • Team-Based Human-Centered Cognitive Task Decision Making and Information Performance.