Multiple-Objective Decision Analysis Involving Multiple Stakeholders
Abstract
Many operations researchers know about the use of decision analysis to help decide
among alternative investments (such as pharmacological research and development
investments) using decision trees with chance nodes to compute expected monetary
value or return on investment of different alternatives.Suc h an analysis often aims
to maximize a single evaluation measure for a single decision maker.W e demonstrate
less widely known decision analysis techniques using spreadsheet models that will help
analysts understand and model the multiple objective perspectives of the stakeholders
to a decision.Using this approach can aid in identifying mutually agreeable alternative
actions, designing new and better alternatives, and foreseeing opposition to decisions.
It can also help analysts understand the evolution of past decisions from multiple
perspectives. In some cases, one objectives hierarchy can be suitable for a set of stakeholders,
and differences in opinions across stakeholders can be characterized by differences in
weights on the multiple objectives.Examples include the analysis for the merger of the
Operations Research Society of America and The Institute of Management Sciences
to become INFORMS, Arizona water resources planning, and planning for protection
against radioactive iodine releases in nuclear incidents.In other cases, an objectives
hierarchy will be constructed for each stakeholder because their objectives are so
different that construction of separate hierarchies better represents their divergent
perspectives.Examples include a tuna fish supplier source selection decision (from the
perspectives of StarKist, environmentalists, and the San Diego tuna fishing fleet), the
potential siting of a new Home Depot in San Juan Capistrano (from the perspectives of
Home Depot, the city, residents, and competing or complementary small businesses),
and a prostate cancer treatment decision (from the perspectives of former Intel CEO
Andy Grove, his family, his company, and his doctors).
Description
The article of record as published may be located at http://dx.doi.org/10.1287/educ.1090.0066
Rights
This publication is a work of the U.S. Government as defined in Title 17, United States Code, Section 101. Copyright protection is not available for this work in the United States.Collections
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