Multiple Criteria Decision Making (EPS220)

Course Load/Credits: 120 hours/8,0.

* Course offered in English only

Content:

Introduction, Outranking Methods, Multiple objectives Value-Focused Thinking and Problem Structuring, Preference and Utility Theory, MAVT/MAUT (Multi-Attribute Value/Utility Theory), Decision involving multiple objectives: SMART and variations, Weighting methods, Introduction to probability, Decision making under uncertainty, Decision trees and influence diagrams, Applying simulation to decision problems (Monte Carlo Simulation), Revising judgments in the light of new information, Risk and uncertainty management, Decisions involving groups of individuals, Resource allocation and negotiation problems, Scenario planning: an alternative way of dealing with uncertainty, Alternative decision-support systems, Other methods (AHP, MACBETH and others based on compensatory attributes, etc).

Bibliografhy:

1- Goodwin, P., Wright, G., 2005. Decision Analysis for Management Judgment, 3rd ed. England: John Wiley & Sons. 2- Keeney, R.L., Raiffa, H., 1976. Decisions With Multiple Objectives; Preferences and Value Tradeoffs. New York: Wiley, 1976. 3- Saaty, T.L., 1980. The Analytic Hierarchy Process – Planning, Priority Setting, Resource Allocation. McGraw-Hill, New York. 4- Belton, V., Stewart, T.J., 2002. Multiple Criteria Decision Analysis. An Integrated Approach. Kluwer Academic Publishers, Boston. 5- Clemen, R.T. and Reilly, T., 2013. Making hard decisions with DecisionTools. Cengage Learning.