A SYSTEMATIC PROCEDURE FOR ASSESSING THE WORTH OF COMPLEX ALTERNATIVES
MITRE CORP BEDFORD MA
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The paper addresses itself to the problem of assessing worth. It is assumed that a decision context has been specified and that a fixed set of discrete alternatives has been produced. It then remains to assess the worth of each alternative, to estimate the resource drains required by each, and to combine these considerations, along with considerations of riskuncertainty, so as to arrive at a final decision. The bulk of this paper is directed toward worth assessment. To aid in the assessment process, a detailed procedure has been devised. The purpose of this procedure is set forth, and step-by-step instructions for its actual implementation are presented. A live instance of its complete application is also provided for illustrative purposes. Major conclusions are that the procedure can be carried out successfully--at least by professional decision makers in a laboratory setting--and that all phases of it exert an important impact upon the decision making process. Critical to its overall impact, and particularly to its success, are its quantitative aspects.
- Operations Research