In your opinion, what are the advantages and disadvantages of the various methods for developing tradeoff weights? Discuss the direct method, swing weighting, and equivalence lottery. Evaluate how to determine when each method would yield the optimal results. Evaluate the qualitative vs. the quantitative approach.
Running Head: Tradeoff Weights
Tradeoff weights refer weights of various trade attributes that are developed by using different methods or techniques such as direct method, swing weight method, equivalence lottery method, and hierarchical weight method.
Advantages and Disadvantages of Methods
There are various advantages and disadvantages of using various methods like indifference trade-off method, swing weight method, direct weight method etc. for developing or calculating tradeoff weights. In the context of benefits, swing weight method is quick and easy to operate that can help the decision maker to make appropriate decision by developing effective tradeoff weights (Bekiaris & Nakanishi, 2004). In addition, all these methods are useful in a project for a decision maker in spatial decision problems. The main advantage of tradeoff analysis methods is the ability to provide different relative weights to each of the alternative or attributes. By using these methods, it is possible to derive weights from a ranking of limited alternatives and easy to achieve an agreement between decision makers. On the other hand, historical weights are still valid in decision and risk analysis that can be helpful to effectively develop tradeoff weights (Guinto, 2008).
At the same time, there are some disadvantages of using these methods for developing tradeoff weights. Some of them are as follow:
There is no assurance that swing weight method provides accurate eliciting weights.
Some of these methods are difficult to calculate appropriate tradeoff weights.
This solution essay is 850 words with seven APA references. The expert evaluates the qualitative versus the quantitative approach for tradeoff weights.