Chapter03slides - Decisions Involving Multiple Objectives:...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
Decisions Involving Multiple Objectives: SMART 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Objectives and Attributes An objective = an indication of preferred direction of movement, i.e. ‘minimize’ or ‘maximize’ An attribute is used to measure performance in relation to an objective 2
Background image of page 2
An office location problem Location of office Annual rent ($) Addison Square 30 000 Bilton Village 15 000 Carlisle Walk 5 000 Denver Street 12 000 Elton Street 30 000 Filton Village 15 000 Gorton Square 10 000 3
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Main stages of SMART 1 Identify decision maker(s) 2 Identify alternative courses of action 3 Identify the relevant attributes 4 Assess the performance of the alternatives on each attribute 5 Determine a weight for each attribute 6 For each alternative, take a weighted average of the values assigned to that alternative 7 Make a provisional decision 8 Perform sensitivity analysis 4
Background image of page 4
Value tree 5 Costs Benefits Turnover Working conditions Rent Electricity Cleaning Closeness Visibility Image to customers Size Comfort Car parking
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/08/2011 for the course ENGINEERIN BURD taught by Professor Benni during the Fall '09 term at Uni. Reykjavik.

Page1 / 19

Chapter03slides - Decisions Involving Multiple Objectives:...

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online