Operations Research Vol. 50 No. 6 2002
Common Mistakes in Making Value Trade-Offs
Abstract
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.
- DOI
- 10.1287/opre.50.6.935.357
- Volume
- 50
- Issue
- 6
- Pages
- 935-945
- Language
- en
- Sources
- crossref openalex