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Making Better Decisions

Balancing Conflicting Criteria

  • Book
  • © 2020

Overview

Authors:
  1. Pekka J. Korhonen

    1. Aalto University School of Business, Espoo, Finland

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    You can also search for this author in PubMed   Google Scholar

  2. Jyrki Wallenius

    1. Aalto University School of Business, Espoo, Finland

    View author publications

    You can also search for this author in PubMed   Google Scholar

  • Offers an introduction to sound decision-making for professionals, students, educators and researchers
  • Presents a comprehensive tutorial on concepts and methods of decision-making, with an emphasis on the psychology of decision-making
  • Includes latest research by two of the most experienced and outstanding researchers in the filed of Multiple-Criteria Decision- Making

Part of the book series: International Series in Operations Research & Management Science (ISOR, volume 294)

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Table of contents (17 chapters)

  1. Front Matter

    Pages i-xvii
    Download chapter PDF

  2. Different Paradigms of Decision-Making

    • Pekka J. Korhonen, Jyrki Wallenius
    Pages 1-4

  3. About the Role of Intuition

    • Pekka J. Korhonen, Jyrki Wallenius
    Pages 5-10

  4. Towards Analytic Decision-Making

    • Pekka J. Korhonen, Jyrki Wallenius
    Pages 11-20

  5. How Do Humans Make Choices?

    • Pekka J. Korhonen, Jyrki Wallenius
    Pages 21-30

  6. Beware of Decision Traps: The World of Certainty

    • Pekka J. Korhonen, Jyrki Wallenius
    Pages 31-38

  7. Beware of Decision Traps: The World of Uncertainty

    • Pekka J. Korhonen, Jyrki Wallenius
    Pages 39-44

  8. The Devil Is in the Details

    • Pekka J. Korhonen, Jyrki Wallenius
    Pages 45-61

  9. A Picture Is Worth a Thousand Words

    • Pekka J. Korhonen, Jyrki Wallenius
    Pages 63-74

  10. Choosing Among Known Alternatives

    • Pekka J. Korhonen, Jyrki Wallenius
    Pages 75-89

  11. Designing Potential Solutions

    • Pekka J. Korhonen, Jyrki Wallenius
    Pages 91-99

  12. Solving Design Problems

    • Pekka J. Korhonen, Jyrki Wallenius
    Pages 101-110

  13. Need for Decision Support Systems

    • Pekka J. Korhonen, Jyrki Wallenius
    Pages 111-119

  14. Use Scenarios Instead of a Crystal Ball

    • Pekka J. Korhonen, Jyrki Wallenius
    Pages 121-129

  15. Making Operations More Efficient

    • Pekka J. Korhonen, Jyrki Wallenius
    Pages 131-139

  16. Real-World Problems

    • Pekka J. Korhonen, Jyrki Wallenius
    Pages 141-148

  17. Negotiating a Deal

    • Pekka J. Korhonen, Jyrki Wallenius
    Pages 149-157

  18. In Conclusion

    • Pekka J. Korhonen, Jyrki Wallenius
    Pages 159-162

  19. Back Matter

    Pages 163-167
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Keywords

About this book

This book offers a comprehensive introduction to decision-making in an MCDM framework. Designed as a tutorial, it presents the main concepts and methods to be applied, together with essential background information. This includes the concept of nondominance, Simon’s bounded rationality, Tversky and Kahneman’s prospect theory, and the concepts of behavioral vs. mathematical convergence and premature stopping put forward by Korhonen, Moskowitz and Wallenius. The book concludes with a non-technical review of many popular decision algorithms, including the Analytic Hierarchy Process (AHP), VIMDA, and a number of classic interactive man-machine algorithms. In essence, the book is a “one-stop” source on everything you need to know about managerial decision-making in the multiple-criteria setting.

Authors and Affiliations

  • Aalto University School of Business, Espoo, Finland

    Pekka J. Korhonen, Jyrki Wallenius

About the authors

Pekka J. Korhonen is Emeritus Professor of Statistics at the Aalto University, School of Business, Finland (formerly Helsinki School of Economics). His research interests include Multiple Criteria Decision Making (MCDM), efficiency/performance analysis, choice behavior and interactive decision support systems. His articles have appeared in many leading journals. One of the leading scholars in Multiple Criteria Decision Making, he has served as President of the International Society on Multiple Criteria Decision Making. The International Society on MCDM has bestowed upon him the George Cantor Award. Jyrki Wallenius is Emeritus Professor of Management Science at Aalto University School of Business. He is one of the leaders of his field, which encompasses Multiple Criteria Decision Making and Decision Support. His current research interests focus on multiple objective optimization, in particular hybrid MCDM/EMO approaches, combinatorial multiple objective optimization and behavioral decision theory, including neuro-economics. He is past editor of EJOR and past President of the International Society on Multiple Criteria Decision Making. He is the recipient of numerous awards, both domestic and international.


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