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AME 495S - Senior Colloquium (Fall 2019)

Decsions: Personal Values

 

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Whether you're choosing spaghetti sauce, a new job, or a life partner, making decisions can be paralyzing. In this TED talk, philosopher Ruth Cheng explains that making hard choices can actually be empowering.

Decision Making: 7 Steps

Decsion vocabulary

Value-focused thinking

Decision making under certainty

Utility axioms

Unidimensional utility theory

Multi-attribute utility theory

Game theory

Equilibria in strategic form games

Mixed strategy equilibria

Sequential decisions and sub-game perfection

Cooperative games

Complementarity formulation of Nash equilibrium problems

Engineering Librarian

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Paula C Johnson
Contact:
Main Library A403
520-621-9862

Basic Models

Weighted Decision Matrix

WEIGHTED DECISION MATRIX

In a Weighted Decision Matrix you assign your importance (weights) to all criteria. For example when buying a car, you will weight the importance of the price, the fuel consumption, the engine power etc. differently. In the Weighted Decision Matrix an additional column for the weighting of the individual criterion is added. The value of weighting will then be multiplied by the value of the criteria for each option.It is often recommended to assign the weighting of the criteria as percentages and distribute a maximum of 100%. However, this may be omitted, since when there are many criteria, the distribution of exactly 100% can become very tedious.

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ITERATIVE DECISION MAKING

Decisions, decisions, decisions