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intro - Introduction to Value Tree Analysis eLearning...

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eLearning / MCDA Systems Analysis Laboratory Helsinki University of Technology Introduction to Value Tree Analysis eLearning resources / MCDA team Director prof. Raimo P. Hämäläinen Helsinki University of Technology Systems Analysis Laboratory http://www.eLearning.sal.hut.fi

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eLearning / MCDA Systems Analysis Laboratory Helsinki University of Technology Contents About the introduction Basic concepts A job selection problem Problem structuring Preference elicitation Results and sensitivity analysis
eLearning / MCDA Systems Analysis Laboratory Helsinki University of Technology About the introduction This is a brief introduction to multiple criteria decision analysis and specifically to value tree analysis After reading the material you should know basic concepts of value tree analysis how to construct a value tree how to use the Web-HIPRE software in simple decision making problems to support your decision

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eLearning / MCDA Systems Analysis Laboratory Helsinki University of Technology Basic concepts Objective is a statement of something that one desires to achieve for example; “more wealth” Attribute indicates the level to which an objective is achieved in a given decision alternative for example by selecting a certain job offer you may get 3000 €/month
eLearning / MCDA Systems Analysis Laboratory Helsinki University of Technology Value function Value function v(x) assigns a number i.e. value to each attribute level x. Value describes subjective desirability of the corresponding attribute level. For example: value Size of the ice cream cone 1 value 1 Working hours / day Basic concepts

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eLearning / MCDA Systems Analysis Laboratory Helsinki University of Technology Value tree In a value tree objectives are organised hierarchically Ideal car overall objective Driving Economy sub-objectives attributes alternatives Top speed Acceleration Price Expenses • Each objective is defined by sub-objectives or attributes • There can be several layers of objectives • Attributes are added under the lowest level of objectives • Decision alternatives are connected to the attributes Citroen VW Passat Audi A4 Basic concepts
eLearning / MCDA Systems Analysis Laboratory Helsinki University of Technology Phases of value tree analysis Note: Only the highlighted parts are covered in this mini intro The aim of the Problem structuring is to create a better understanding of the problem Decision context is a setting in which the decision occurs In Preference elicitation DM’s preferences over a set of objectives is estimated and measured The aim of the Sensitivity analysis is to explore how changes in the model influence the recommended decision Basic concepts

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eLearning / MCDA Systems Analysis Laboratory Helsinki University of Technology A job selection problem Assume that you have four job offers to choose between; 1) a place as a researcher in a governmental research institute 2) a place as a consultant in a multinational consulting firm 3) a place as a decision analyst in a large domestic firm 4) a place in a small IT firm
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intro - Introduction to Value Tree Analysis eLearning...

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