Decision making using utility theory for multiple criteria
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Many of the decisions being made by the new managers have led to problems. Senior management has been frustrated with the problems and has asked me to develop a plan to address this issue and help the new managers improve their decision making processes.
In preparing my proposal I felt it was important that all new managers learn how to use the MAUT decision modeling tool. I would like to have new managers use this decision making worksheet to map out the major decisions they have to make on the job. I should illustrate the importance and effectiveness of these worksheets:
Create two worksheets using the MAUT decision modeling tool. Each worksheet should illustrate a different job-related or business decision.
If my new managers use these worksheets, will the decision "result" recommended by each worksheet help these new managers make objective or subjective decisions? Will they be rational or irrational?
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Solution Summary
The solution provides an example (problem) of selecting an applicant for a job and walks through all the steps involved in multi criteria decision problem modeling and then solves the problem. The students can learn how to use the MAUT method to solve the real life problems at work place or at home.
Solution Preview
See the attached file for complete solution. The text here may not be copied exactly as some of the symbols / tables may not print. Thanks
Decision Problem: Selecting an applicant for a job
Criteria for decision-making
Criteria Weightage
Undergrad GPA 35%
Work Experience 30%
Job essay Grade 20%
Referral Rating 15%
Total 100%
Procedure For Rating on the decision criteria
Undergrad GPA Rating = Undergarde GPA / 4.00
Work ...
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