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MCDA
Multiple-criteria decision-making (MCDM) or multiple-criteria decision analysis (MCDA) is a sub-discipline of operations research that explicitly evaluates multiple conflicting criteria in decision making (both in daily life and in settings such as business, government and medicine). Conflicting criteria are typical in evaluating options: cost or price is usually one of the main criteria, and some measure of quality is typically another criterion, easily in conflict with the cost. In purchasing a car, cost, comfort, safety, and fuel economy may be some of the main criteria we consider – it is unusual that the cheapest car is the most comfortable and the safest one. In portfolio management, managers are interested in getting high returns while simultaneously reducing risks; however, the stocks that have the potential of bringing high returns typically carry high risk of losing money. In a service industry, customer satisfaction and the cost of providing service are fundamen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decision Making
In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either rational or irrational. The decision-making process is a reasoning process based on assumptions of values, preferences and beliefs of the decision-maker. Every decision-making process produces a final choice, which may or may not prompt action. Research about decision-making is also published under the label problem solving, particularly in European psychological research. Overview Decision-making can be regarded as a problem-solving activity yielding a solution deemed to be optimal, or at least satisfactory. It is therefore a process which can be more or less rational or irrational and can be based on explicit or tacit knowledge and beliefs. Tacit knowledge is often used to fill the gaps in complex decision-making processes. Usually, both o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Analytic Hierarchy Process
In the theory of decision making, the analytic hierarchy process (AHP), also analytical hierarchy process, is a structured technique for organizing and analyzing complex decisions, based on mathematics and psychology. It was developed by Thomas L. Saaty in the 1970s; Saaty partnered with Ernest Forman to develop '' Expert Choice'' software in 1983, and AHP has been extensively studied and refined since then. It represents an accurate approach to quantifying the weights of decision criteria. Individual experts’ experiences are utilized to estimate the relative magnitudes of factors through pair-wise comparisons. Each of the respondents compares the relative importance each pair of items using a specially designed questionnaire. Uses and applications AHP has particular application in group decision making, and is used around the world in a wide variety of decision situations, in fields such as government, business, industry, healthcare and education. Rather than prescribin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grey System Theory
Grey relational analysis (GRA) was developed by Deng Julong of Huazhong University of Science and Technology. It is one of the most widely used models of grey system theory. GRA uses a specific concept of information. It defines situations with no information as black, and those with perfect information as white. However, neither of these idealized situations ever occurs in real world problems. In fact, situations between these extremes, which contain partial information, are described as being grey, hazy or fuzzy. A variant of GRA model, Taguchi-based GRA model, is a popular optimization method in manufacturing engineering. Definition Let X_0=\left(x_0\left(1\right),x_0\left(2\right),\dots ,x_0\left(n\right)\right) is an ideal data set andX_k=\left(x_k\left(1\right),x_k\left(2\right),\dots ,x_k\left(n\right)\right),k\mathrmm are the alternative data sets of the same length. The Grey Relational Grade (GRG) between the two data sets is given by _=\int^n_ where the Grey Relation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decision Analysis
Decision analysis (DA) is the discipline comprising the philosophy, methodology, and professional practice necessary to address important decisions in a formal manner. Decision analysis includes many procedures, methods, and tools for identifying, clearly representing, and formally assessing important aspects of a decision; for prescribing a recommended course of action by applying the maximum expected-utility axiom to a well-formed representation of the decision; and for translating the formal representation of a decision and its corresponding recommendation into insight for the decision maker, and other corporate and non-corporate stakeholders. History In 1931, mathematical philosopher Frank Ramsey pioneered the idea of subjective probability as a representation of an individual’s beliefs or uncertainties. Then, in the 1940s, mathematician John von Neumann and economist Oskar Morgenstern developed an axiomatic basis for utility theory as a way of expressing an individual ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decision-making Software
Decision-making software (DM software) is software for computer applications that help individuals and organisations make choices and take decisions, typically by ranking, prioritizing or choosing from a number of options. An early example of DM software was described in 1973.Dyer, JS (1973), "A time-sharing computer program for the solution of the multiple criteria problem", ''Management Science'', 19: 1379-83.Wallenius, J, Dyer, JS, Fishburn, PC, Steuer, RE, Zionts, S and Deb, K (1992), "Multiple criteria decision making, multiattribute utility theory: The next ten years", ''Management Science'', 38: 645-54. Before the advent of the World Wide Web, most DM software was spreadsheet-based, with the first web-based DM software appearing in the mid-1990s.Koksalan, M, Wallenius, J, and Zionts, S, ''Multiple Criteria Decision Making: From Early History to the 21st Century'', World Scientific Publishing: Singapore, 2011. Nowadays, many DM software products (mostly web-based) are available ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Goal Programming
Goal programming is a branch of multiobjective optimization, which in turn is a branch of multi-criteria decision analysis (MCDA). It can be thought of as an extension or generalisation of linear programming to handle multiple, normally conflicting objective measures. Each of these measures is given a goal or target value to be achieved. Deviations are measured from these goals both above and below the target. Unwanted deviations from this set of target values are then minimised in an achievement function. This can be a vector or a weighted sum dependent on the goal programming variant used. As satisfaction of the target is deemed to satisfy the decision maker(s), an underlying satisficing philosophy is assumed. Goal programming is used to perform three types of analysis: # Determine the required resources to achieve a desired set of objectives. # Determine the degree of attainment of the goals with the available resources. # Providing the best satisfying solution under a varying amo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grey Relational Analysis
Grey relational analysis (GRA) was developed by Deng Julong of Huazhong University of Science and Technology. It is one of the most widely used models of grey system theory. GRA uses a specific concept of information. It defines situations with no information as black, and those with perfect information as white. However, neither of these idealized situations ever occurs in real world problems. In fact, situations between these extremes, which contain partial information, are described as being grey, hazy or fuzzy. A variant of GRA model, Taguchi-based GRA model, is a popular optimization method in manufacturing engineering. Definition Let X_0=\left(x_0\left(1\right),x_0\left(2\right),\dots ,x_0\left(n\right)\right) is an ideal data set andX_k=\left(x_k\left(1\right),x_k\left(2\right),\dots ,x_k\left(n\right)\right),k\mathrmm are the alternative data sets of the same length. The Grey Relational Grade (GRG) between the two data sets is given by _=\int^n_ where the Grey Relatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deng Julong
Deng Julong (; January 1933 – June 22, 2013) was a professor of Huazhong University of Science and Technology, Wuhan, China. He is acknowledged as the founder of grey system theory, first proposed in 1982 with the publication of his paper “Control problems of grey systems,” in the international journal ''Systems and Control Letter'', edited at the time by Roger W. Brockett, a professor at Harvard University. This theory underlies the theory of grey relational analysis. His theory inspired many noted scholars like Jeffrey Yi-Lin Forrest, Liu Sifeng, and Keith W. Hipel, recipient of Izaak Walton Killam Memorial Prize.Liu, SF., Yang, Y., and Forrest, J. (2017). ''Grey Data Analysis''. Springer. Academic career The works of Professor Lotfi A. Zadeh significantly inspired Deng, and the uncertainty of the Deng Xiaoping era inspired him to work on uncertain systems. In 1965, he proposed the theory of multivariate system control. His academic paper, "an integrated approach to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
PAPRIKA
Paprika ( US , ; UK , ) is a spice made from dried and ground red peppers. It is traditionally made from ''Capsicum annuum'' varietals in the Longum group, which also includes chili peppers, but the peppers used for paprika tend to be milder and have thinner flesh. In some languages, but not English, the word ''paprika'' also refers to the plant and the fruit from which the spice is made, as well as to peppers in the Grossum group (e.g. bell peppers). All capsicum varieties are descended from wild ancestors in North America, in particular Central Mexico, where they have been cultivated for centuries. The peppers were subsequently introduced to the Old World, when peppers were brought to Spain in the 16th century. The seasoning is used to add color and flavor to many types of dishes in diverse cuisines. The trade in paprika expanded from the Iberian Peninsula to Africa and Asia and ultimately reached Central Europe through the Balkans, which was then under Ottoman rule. This he ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Multi-attribute Utility
In decision theory, a multi-attribute utility function is used to represent the preferences of an agent over bundles of goods either under conditions of certainty about the results of any potential choice, or under conditions of uncertainty. Preliminaries A person has to decide between two or more options. The decision is based on the ''attributes'' of the options. The simplest case is when there is only one attribute, e.g.: money. It is usually assumed that all people prefer more money to less money; hence, the problem in this case is trivial: select the option that gives you more money. In reality, there are two or more attributes. For example, a person has to select between two employment options: option A gives him $12K per month and 20 days of vacation, while option B gives him $15K per month and only 10 days of vacation. The person has to decide between (12K,20) and (15K,10). Different people may have different preferences. Under certain conditions, a person's preferences c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liu Sifeng
Liu Sifeng (; born 15 July 1955) is a Chinese systems engineer. He is the director of the Institute for Grey Systems Studies at Nanjing University of Aeronautics and Astronautics, Nanjing, China. He is best known for his work on grey system theory. Education and career Liu obtained his BE in Mathematics from Henan University in 1981, then his MS in Economics (1986) and PhD in Systems Engineering (1998) from Huazhong University of Science and Technology, Wuhan, China. He was the doctoral student of Julong Deng, the founder of grey system theory. Liu was appointed as a lecturer at Henan University in 1985. He was promoted through the ranks, reaching full professor in 1994. In 2000, he moved as a distinguished professor to Nanjing University of Aeronautics and Astronautics, where he also serves as director of the Institute for Grey Systems Studies. In 2014, he worked as a research professor at De Montfort University in Leicester, UK. Liu is the editor-in-chief of ''Gre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
