Article ID: | iaor20032012 |
Country: | United States |
Volume: | 50 |
Issue: | 6 |
Start Page Number: | 935 |
End Page Number: | 945 |
Publication Date: | Nov 2002 |
Journal: | Operations Research |
Authors: | Keeney Ralph L. |
Value trade-offs define how much must be gained in the achievement of one objective to compensate for a lesser achievement on a different objective. Value trade-offs that adequately express a decision maker's values are essential both for good decision making in multiple-objective contexts and for insightful analyses of multiple-objective decisions. This paper identifies and illustrates 12 important mistakes frequently made that limit one's ability to determine useful value trade-offs. It then suggests how to avoid making these mistakes. The intent is to provide practical advice for making good value trade-offs, and hence, better decisions.