Operations Research
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OPERATIONS RESEARCH
Vol. 50, No. 6, November-December 2002, pp. 935-945
DOI: 10.1287/opre.50.6.935.357
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Common Mistakes in Making Value Trade-Offs

Ralph L. Keeney

Fuqua School of Business, Duke University, Durham, North Carolina 27708
keeney{at}mail.duke.edu

Value trade-offs define how much must be gained in the achievement of one objective to compensate for a lesser achievement on a different objective. Value trade-offs that adequately express a decision maker's values are essential both for good decision making in multiple-objective contexts and for insightful analyses of multiple-objective decisions. This paper identifies and illustrates 12 important mistakes frequently made that limit one's ability to determine useful value trade-offs. It then suggests how to avoid making these mistakes. The intent is to provide practical advice for making good value trade-offs, and hence, better decisions.

Subject classifications: Decision analysis; multiple criteria: assessing decision maker's value trade-offs. Utility/preference; multiattribute: quantifying preferences.
History: Received September 2000; revision received April 2001; accepted November 2001.




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