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Using a rational, logical decision making model will help solve most issues. The following model identifies seven steps in the decision making process.
Decision Making PowerPoint PPT Content Modern SampleAndrew Schwartz
164 slides include: the 6 C's of decision making, inherent personal and system traps, decision trees, decision making methods and tips, 4 slides on the GOR approach to decision making, common pitfalls in decision making, effective strategies in making decisions, the 8 major decision making traps and how to effectively minimize each, different decision making perspectives, 3 different types of analysis (grid analysis - paired comparison analysis, and cost/benefit analysis), utilizing planning and overarching questions, 4 modes of decision making and 6 factors in decision making plus more.
Introduction to Decision Making
MULTI CRITERIA DECISION MAKING
STEPS IN A TYPICAL MCDM PROCESS
Popularity of Different MCDM Methods
Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS)
Transportation Problem In Linear ProgrammingMirza Tanzida
This work is an assignment on the course of 'Mathematics for Decision Making'. I think, it will provide some basic concept about transportation problem in linear programming.
ReadySetPresent (Decision Making PowerPoint Presentation Content): 100+ PowerPoint presentation content slides. Successful and effective strategic decision making is a guarantee to increase productivity in every workplace. Decision Making PowerPoint Presentation Content slides include topics such as: the 6 C’s of decision making, inherent personal and system traps, 10+ slides on decision trees, 10+ slides on decision making methods and tips, 4 slides on the GOR approach to decision making, 8 slides on common pitfalls in decision making, 4 slides on effective strategies in making decisions, 35+ slides on the 8 major decision making traps and how to effectively minimize each, 7 slides on different decision making perspectives, 25 slides on the 3 different types of analysis (grid analysis – paired comparison analysis, and cost/benefit analysis), 4 slides on utilizing planning and overarching questions, 4 modes of decision making and 6 factors in decision making and more!
Scenario You are the VP of Franchise services for the Happy Buns .docxkaylee7wsfdubill
Scenario:
You are the VP of Franchise services for the Happy Buns Restaurant. You have been assigned the task of evaluation the best location for the next HB that a prospective franchisee has suggested in the Columbus, Ohio, area. You are using the standard template that provides for which criteria (attributes) you should evaluate. But the specific weights for these are open to adjustment depending on the specific area. These are the six criteria that you will use to evaluate this decision.
·
Close to drive through traffic – traffic counts (avg. thousands/day)
·
Property cost/investment and taxes = NPV of investment ($$)
·
Size of building (square feet in thousands)
·
Size of parking (max number of customers parking)
·
Insurance costs (thousands $ per year)
·
Ease of access from streets (subjective evaluation from observation)
There are five possible locations. You have collected the data from various sources including your VP Finance, Real estate agents, etc. This document summarizes the raw data for each of the five locations: Abberton, Bellview, Casstown, Denton, and Eddington, all suburbs of Columbus. See Data Below.
Assignment
Review the information and data regarding the different alternatives for restaurant location. Develop a MADM table with the raw data. Convert the raw data to utilities (scaled on 0 to 1). Determine the relative weights of each criteria. Evaluate the Decision Table for the best alternative. Do a sensitivity analysis.
Write a report to your boss, Executive VP. Explain your analysis and your recommendation. Provide a rationale for your decision including the logic you used to determine your weights.
Data
Download this Word doc with the data:
Happy Buns Raw Data.docx
Summary of Raw Data
for location of Happy Buns
in the Columbus, Ohio, area.
Criteria
Location
Traffic count (avg. thousands/day)
NPV of investment
($000,000)
Bldg. size (sq ft. 000)
Lot size
(Max customer parking)
Insurance
($000 / yr)
Access
(subjective)
Abberton
17
1.3
3.0
44
5.2
Good
Bellview
10
2.1
3.8
54
5.6
Excellent
Casstown
11
1.5
2.6
65
5.0
Fair
Denton
20
3.0
3.6
52
6.4
Poor
Eddington
15
2.8
4.2
50
6.3
Good
written report and Excel file
SLP Assignment Expectations
Analysis
·
Accurate, complete analysis (in Excel and Word) using the MADM model and theory.
Written Report
·
Length requirements =
2–3 pages minimum
(not including Cover and Reference pages)
·
Provide a brief introduction/ background of the problem.
·
Complete and accurate Excel analysis.
·
Written analysis that supports Excel analysis, and provides thorough discussion of assumptions, rationale, and logic used.
·
Complete, meaningful, and accurate recommendation(s).
MADM Model and Theory
Multi-Attribute Decision Making (MADM)
This decision method assumes certainty. In other words, there are no probabilities of future states to determine. And the data and costs are assumed to be known and accurate. The most common type of decision is a preference decision. Th.
Using a rational, logical decision making model will help solve most issues. The following model identifies seven steps in the decision making process.
Decision Making PowerPoint PPT Content Modern SampleAndrew Schwartz
164 slides include: the 6 C's of decision making, inherent personal and system traps, decision trees, decision making methods and tips, 4 slides on the GOR approach to decision making, common pitfalls in decision making, effective strategies in making decisions, the 8 major decision making traps and how to effectively minimize each, different decision making perspectives, 3 different types of analysis (grid analysis - paired comparison analysis, and cost/benefit analysis), utilizing planning and overarching questions, 4 modes of decision making and 6 factors in decision making plus more.
Introduction to Decision Making
MULTI CRITERIA DECISION MAKING
STEPS IN A TYPICAL MCDM PROCESS
Popularity of Different MCDM Methods
Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS)
Transportation Problem In Linear ProgrammingMirza Tanzida
This work is an assignment on the course of 'Mathematics for Decision Making'. I think, it will provide some basic concept about transportation problem in linear programming.
ReadySetPresent (Decision Making PowerPoint Presentation Content): 100+ PowerPoint presentation content slides. Successful and effective strategic decision making is a guarantee to increase productivity in every workplace. Decision Making PowerPoint Presentation Content slides include topics such as: the 6 C’s of decision making, inherent personal and system traps, 10+ slides on decision trees, 10+ slides on decision making methods and tips, 4 slides on the GOR approach to decision making, 8 slides on common pitfalls in decision making, 4 slides on effective strategies in making decisions, 35+ slides on the 8 major decision making traps and how to effectively minimize each, 7 slides on different decision making perspectives, 25 slides on the 3 different types of analysis (grid analysis – paired comparison analysis, and cost/benefit analysis), 4 slides on utilizing planning and overarching questions, 4 modes of decision making and 6 factors in decision making and more!
Scenario You are the VP of Franchise services for the Happy Buns .docxkaylee7wsfdubill
Scenario:
You are the VP of Franchise services for the Happy Buns Restaurant. You have been assigned the task of evaluation the best location for the next HB that a prospective franchisee has suggested in the Columbus, Ohio, area. You are using the standard template that provides for which criteria (attributes) you should evaluate. But the specific weights for these are open to adjustment depending on the specific area. These are the six criteria that you will use to evaluate this decision.
·
Close to drive through traffic – traffic counts (avg. thousands/day)
·
Property cost/investment and taxes = NPV of investment ($$)
·
Size of building (square feet in thousands)
·
Size of parking (max number of customers parking)
·
Insurance costs (thousands $ per year)
·
Ease of access from streets (subjective evaluation from observation)
There are five possible locations. You have collected the data from various sources including your VP Finance, Real estate agents, etc. This document summarizes the raw data for each of the five locations: Abberton, Bellview, Casstown, Denton, and Eddington, all suburbs of Columbus. See Data Below.
Assignment
Review the information and data regarding the different alternatives for restaurant location. Develop a MADM table with the raw data. Convert the raw data to utilities (scaled on 0 to 1). Determine the relative weights of each criteria. Evaluate the Decision Table for the best alternative. Do a sensitivity analysis.
Write a report to your boss, Executive VP. Explain your analysis and your recommendation. Provide a rationale for your decision including the logic you used to determine your weights.
Data
Download this Word doc with the data:
Happy Buns Raw Data.docx
Summary of Raw Data
for location of Happy Buns
in the Columbus, Ohio, area.
Criteria
Location
Traffic count (avg. thousands/day)
NPV of investment
($000,000)
Bldg. size (sq ft. 000)
Lot size
(Max customer parking)
Insurance
($000 / yr)
Access
(subjective)
Abberton
17
1.3
3.0
44
5.2
Good
Bellview
10
2.1
3.8
54
5.6
Excellent
Casstown
11
1.5
2.6
65
5.0
Fair
Denton
20
3.0
3.6
52
6.4
Poor
Eddington
15
2.8
4.2
50
6.3
Good
written report and Excel file
SLP Assignment Expectations
Analysis
·
Accurate, complete analysis (in Excel and Word) using the MADM model and theory.
Written Report
·
Length requirements =
2–3 pages minimum
(not including Cover and Reference pages)
·
Provide a brief introduction/ background of the problem.
·
Complete and accurate Excel analysis.
·
Written analysis that supports Excel analysis, and provides thorough discussion of assumptions, rationale, and logic used.
·
Complete, meaningful, and accurate recommendation(s).
MADM Model and Theory
Multi-Attribute Decision Making (MADM)
This decision method assumes certainty. In other words, there are no probabilities of future states to determine. And the data and costs are assumed to be known and accurate. The most common type of decision is a preference decision. Th.
SKIM at Sawtooth Software Conference 2013: ACBC RevisitedSKIM
At Sawtooth Software's 2013 conference, SKIM conjoint experts, Marco Hoogerbrugge, Jeroen Hardon, and Chris Fotenos presented on Adaptive Choice-Based Conjoint.
Choice-Based Conjoint (CBC) is a long known, well-established "conjoint brand". It is widely regarded as the default method for nearly any piece of conjoint research. Not many people, excluding specialist methodologists, are aware that Adaptive Choice-Based Conjoint (ACBC) has been on the market as well for several years, and its predictive validity is much better than CBC when researching complex markets, with many products, in different price tiers. Through our presentation, we helped to confirm this general finding and elaborate on the various options that are available within ACBC.
Should all a- rated banks have the same default risk as lehman?Zhongmin Luo
1. Financial institutions need to construct proxy CDS rates for counterparties lacking liquid CDS quotes, which are required for CVA pricing, CVA risk charge calculation, etc;
2. Existing CDS Proxy Methods do not meet regulatory requirements and are vulnerable to arbitrage;
3. After investigating 8 most popular Machine Learning algorithms, we show that Machine Learning techniques can be used to construct reliable CDS proxies that meet regulatory regulations while free from the above problem
4. Feature variable selection can be critical for performance of CDS-proxy construction methods
5. Effects of feature variable correlations on classification performances have to be investigated in the case of financial data
Credit Default Swap (CDS) Rate Construction by Machine Learning TechniquesZhongmin Luo
1. Financial institutions need to construct proxy CDS rates for counterparties lacking liquid CDS quotes, which are required for CVA pricing, CVA risk charge calculation, etc;
2. Existing CDS Proxy Methods do not meet regulatory requirements and are vulnerable to arbitrage;
3. After investigating 8 most popular Machine Learning algorithms, we show that Machine Learning techniques can be used to construct reliable CDS proxies that meet regulatory regulations while free from the above problem
4. Feature variable selection can be critical for performance of CDS-proxy construction methods
5. Effects of feature variable correlations on classification performances have to be investigated in the case of financial data
F. Petroni, L. Querzoni, R. Beraldi, M. Paolucci:
"LCBM: Statistics-Based Parallel Collaborative Filtering."
In: Proceedings of the 17th International Conference on Business Information Systems (BIS), 2014.
Abstract: "In the last ten years, recommendation systems evolved from novelties to powerful business tools, deeply changing the internet industry. Collaborative Filtering (CF) represents today’s a widely adopted strategy to build recommendation engines. The most advanced CF techniques (i.e. those based on matrix factorization) provide high quality results, but may incur prohibitive computational costs when applied to very large data sets. In this paper we present Linear Classifier of Beta distributions Means (LCBM), a novel collaborative filtering algorithm for binary ratings that is (i) inherently parallelizable and (ii) provides results whose quality is on-par with state-of-the-art solutions (iii) at a fraction of the computational cost."
A Discrete Optimization Approach for SVD Best Truncation Choice based on ROC ...Davide Chicco
Truncated Singular Value Decomposition (SVD) has always been a key algorithm in modern machine learning.
Scientists and researchers use this applied mathematics method in many fields. Despite a long history and prevalence, the issue of how to choose the best truncation level still remains an open challenge. In this paper, we describe a new algorithm, akin a the discrete optimization method, that relies on the Receiver Operating Characteristics (ROC) Areas Under the Curve (AUCs) computation. We explore a concrete application of the algorithm to a bioinformatics problem, i.e. the prediction of biomolecular annotations. We applied the algorithm to nine different datasets and the obtained results demostrate the effectiveness of our technique.
CRAM (Change Risk Assessment Model) is a novel model approach which can significantly contribute to the missing formality of business models especially in the change(s) risk assessment area.
Project Management has long established the need for risk management techniques to be utilised in the succinct definition of associated risks in projects and agreement on countervailing actions as an aim to reduce scope creep, increase the probability of on-time and in-budget delivery.
Uncontrolled changes, regardless of size and complexity, can certainly pose as risks, of any magnitude, to projects and affect project success or even an organisation’s coherence.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
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Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
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Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
1. 1Challenge the future
BWM: Best Worst Method
Jafar Rezaei
Delft University of Technology, The Netherlands
j.rezaei@tudelft.nl
www.bestworstmethod.com
2. 2Challenge the future
MCDM problem
• Decision-making is generally defined as the cognitive process
of selecting an alternative from a set of alternatives.
• A multi-criteria decision-making (MCDM) problem is a
problem where a decision-maker has to find the best
alternative from a set of alternatives considering a set of
criteria.
www.bestworstmethod.com
3. 3Challenge the future
MCDM problem (example 1)
Considering the criteria:
• port efficiency
• port infrastructure
• location
• port charges
• interconnectivity
A shipper has to select the best port among a set of four
ports: Le Havre (France); Antwerp (Belgium); Rotterdam
(Netherlands); Hamburg (Germany)
4. 4Challenge the future
MCDM problem (example 2)
A manufacturer has to select the best location for its central
warehouse from a set of three alternative locations:
Utrecht; Arnhem; Dordrecht
Considering the criteria:
• proximity to customers
• proximity to suppliers
• investment costs
• expansion possibility
• road connection
• rail connection
• water connection
www.bestworstmethod.com
5. 5Challenge the future
MCDM problem (example 3)
I want to buy a car from the following set:
• price
• quality
• comfort
• safety
• style
Considering the criteria:
www.bestworstmethod.com
6. 6Challenge the future
MCDM problem (formulation)
A discrete MCDM problem is generally shown as a matrix as
follows:
where
is a set of feasible alternatives (actions, stimuli),
is a set of decision-making criteria, and
is the score of alternative i with respect to criterion j.
maaa ,,, 21
nccc ,,, 21
ijp
mnmm
n
n
m
n
ppp
ppp
ppp
a
a
a
P
ccc
21
22221
11211
2
1
21
www.bestworstmethod.com
7. 7Challenge the future
MCDM problem (goal)
The goal is to select* the best (e.g. most desirable, most important)
alternative (an alternative with the best overall value )
(*other goals: rank, sort)
BWM is used to find the weights wj
(other methods: SMART, AHP/ANP)
1,0 jj ww
iV
n
j
ijji pwV
1
The scores are collected from available data sources (if they are objective and
available, e.g. price), or measured using qualitative approaches (e.g. Likert scale),
or calculated similar to the weights of the criteria (if they are subjective, e.g.
quality).
ijp
www.bestworstmethod.com
8. 8Challenge the future
BWM (pairwise comparison)
BWM uses pairwise comparison* to find the weights (wj) of the criteria.
• Pairwise comparison aij shows how much the decision-maker prefers
criterion i over criterion j.
• To show such preference, we may use Likert scales (e.g. very low … very
high) with a corresponding numerical scale like:
• 0.1, 0.2, …, 1 (0.1: equally important, …, 1: i is extremely more important than j).
• 1, 2, …, 100 (1: equally important, …, 100: i is extremely more important than j).
• 1, …,9 (1: equally important, …, 9: i is extremely more important than j).
* Thurstone, L.L. (1927). A law of comparative judgement. Psychological Review, 34, 278–286.
www.bestworstmethod.com
9. 9Challenge the future
1 2 n......
Steps of BWM: Step 1
• Determine a set of decision criteria.
In this step, the decision-maker considers the criteria
that should be used to arrive at a decision. For instance, in the
case of buying a car, the decision criteria can be:
It is clear that for different decision-makers, the set of decision
criteria might vary.
nccc ,,, 21
)(style),(safety),(comfort),(price),(quality 54321 ccccc
10. 10Challenge the future
Steps of BWM: Step 2
• Determine the best (e.g. the most important), and the worst (e.g.
the least important) criteria.
In this step, the decision-maker identifies the best and the worst
criteria. No comparison is made at this stage. For example, for a
particular decision-maker, and may be the best
and the worst criteria respectively.
)(price 2c )(style 5c
Best 1 2 n-2 Worst......
11. 11Challenge the future
Steps of BWM: Step 3
• Determine the preference of the best criterion over all the other
criteria using a number between 1 and 9 (or other scales).
The resulting Best-to-Others (BO) vector would be:
where indicates the preference of the best criterion B over
criterion j. For our example, the vector shows the preference of
over all the other criteria.
BnBBB aaaA ,,, 21
Bja
)(price 2c
Best 1 2 n-2 Worst
aBw
aBn-2
aB1
aB2
......
12. 12Challenge the future
Steps of BWM: Step 4
• Determine the preference of all the criteria over the worst criterion
using a number between 1 and 9 (or other scales).
The resulting Others-to-Worst (OW) vector would be:
where indicates the preference of the criterion j over the worst
criterion W. For our example, the vector shows the preference of
all the criteria over .
T
nWWWW aaaA ,,, 21
jWa
)(style 5c
Best 1 2 n-2 Worst
aBw
aBn-2
aB1
aB2
a1W
a2W
an-2W
......
13. 13Challenge the future
Steps of BWM: Step 5
• Find the optimal weights
The optimal weights for the criteria is the one where, for each
pair of and ,we have and ..
To satisfy these conditions for all j, we should find a solution
where the maximum absolute differences and
for all j is minimized.
**
2
*
1 ,,, nwww
jB ww Wj ww BjjB aww jWWj aww
jW
W
j
a
w
w
Bj
j
B
a
w
w
www.bestworstmethod.com
14. 14Challenge the future
Steps of BWM: Step 5, min-max
jW
W
j
Bj
j
B
j
a
w
w
a
w
w
,maxmin
1j
jw
jwj allfor,0
s.t.
To find the optimal weights, the following optimization model is formulated.
(1)
www.bestworstmethod.com
15. 15Challenge the future
Steps of BWM: Step 5, Converted min-max
Solving Model(2), the optimal weights
are obtained. **
2
*
1 ,,, nwww
min
s.t.
ja
w
w
Bj
j
B
allfor,
ja
w
w
jW
W
j
allfor,
1j
jw
jwj allfor,0
Model (1) is converted to the following model.
(2)
www.bestworstmethod.com
16. 16Challenge the future
Consistency ratio: Definition
• Definition . A comparison is fully consistent when
for all j, where , , are respectively the preference of
the best criterion over the criterion j, the preference of criterion
j over the worst criterion, and the preference of the best
criterion over the worst criterion.
BWjWBj aaa
Bja jWa BWa
Best j Worst
aBw
aBj
ajW
......
......
2
4
8
Tallest (B) j Shortest (W)
www.bestworstmethod.com
17. 17Challenge the future
Consistency ratio: A robust index
aBW 1 2 3 4 5 6 7 8 9
Consistency Index
(max )
0.00 0.44 1.00 1.63 2.30 3.00 3.73 4.47 5.23
IndexyConsistenc
RatioyConsistenc
*
Consistency ratio (CR) ∈ 0, 1 . The lower the CR the more consistent the
comparisons, hence the more reliable results.
A 𝐶𝑅 ≤ 0.25 is considered as a very high consistency level.
As it is likely that we do not have the full consistency, we can calculate the
level of consistency using a robust index called consistency ratio:
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18. 18Challenge the future
BWM: post-optimality
jwmin
s.t.
ja
w
w
Bj
j
B
allfor,*
ja
w
w
jW
W
j
allfor,*
1j
jw
jwj allfor,0
When we have more than 3 criteria AND a consistency ratio grater than zero, Model
(2) has multiple optimal solutions. Solving the following two models the lower
bound and the upper bound of the weights are obtained:
jwmax
s.t.
ja
w
w
Bj
j
B
allfor,*
ja
w
w
jW
W
j
allfor,*
1j
jw
jwj allfor,0
(3a) (3b)
A decision-maker selects
an optimal solution from
the interval weights.
This can be the center of
the intervals, for
instance.
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19. 19Challenge the future
Linear BWM, min-max
We can also minimize the maximum from the set
which results in the following model:
s.t.
WjWjjBjB wawwaw ,
WjWjjBjB
j
wawwaw ,maxmin
1j
jw
jwj allfor,0
(4)
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20. 20Challenge the future
Linear BWM, Converted min-max
L
min
jwaw L
jBjB allfor,
jwaw L
WjWj allfor,
1j
jw
jwj allfor,0
s.t. This is a linear model with a unique
solution . .
is considered as a good indicator
of the consistency* of the
comparisons.
(*note: the of Model (5) should not be divided by
the consistency index values on page 17)
**
2
*
1 ,,, nwww
*L
(5)
*L
Model (5) is a good linear approximation of Model(2).
Model (4) is converted to the following model.
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21. 21Challenge the future
An example (buying a car)
For buying a car, a buyer considers five criteria: quality
(c1), price (c2), comfort (c3), safety (c4), and style (c5). The
buyer provides the following pairwise comparison vectors
(BO: Best to Others; OW: Others to Worst).
BO Quality Price Comfort Safety Style
Best criterion: Price 2 1 4 3 8
OW Worst criterion: Style
Quality 4
Price 8
Comfort 4
Safety 2
Style 1
N
R
H
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22. 22Challenge the future
An example (buying a car, Model (2))
2469.0,1579.01
w , 2024.0)(1
centerw , 0445.0)(1
widthw
4932.0,4286.02
w , 4609.0)(2
centerw , 0323.0)(2
widthw
1644.0,1429.03
w , 1536.0)(3
centerw , 0108.0)(3
widthw
1579.0,1111.04
w , 1345.0)(4
centerw , 0234.0)(4
widthw
0548.0,0476.05
w , 0512.0)(5
centerw , 0036.0)(5
widthw
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
0.4
0.45
0.5
Quality Price Comfort Safety Style
weight
1*
22.0
47.4
1*
IndexyConsistenc
RatioyConsistenc
Using Model (2) to solve the problem
we have:
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23. 23Challenge the future
An example (buying a car: Model (2))
6
7
8
6
7
8
748
697
568
H
R
N
P
stsfcmprql
0512.0,1345.0,1536.0,4609.0,2024.0*
w
n
j
ijji pwV
1
N
R
H
6382.60512.081345.081536.054609.062024.08 NV
7864.70512.071345.071536.064609.092024.07 RV
6522.50512.061345.061536.074609.042024.08 HV
If the alternative scores (performance matrix) are of from
different scales (ton, euro, km) we first normalize the scores:
𝑥 𝑘
𝑛𝑜𝑟𝑚
=
𝑥 𝑘
ma x{ 𝑥𝑖}
, if x is positive (such as quality),
1 −
𝑥 𝑘
ma x{ 𝑥𝑖}
, if x is negative such as price .
1. Suppose we have a performance matrix as
follows (10-pont scale; the higher the better):
2. And here are the weights we get from page 22
(center of the intervals):
3. Then we can get the overall value of each car
using the following function :
This car, with
the highest
overall score,
is selected.
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24. 24Challenge the future
An example (buying a car: Model (5))
N
R
H
676.6046.08123.08154.05431.06246.08 NV
708.7046.07123.07154.06431.09246.07 RV
784.5046.06123.06154.07431.04246.08 HV
If we solve the problem using the
Linear BWM (Model (5)) we get the
following weights:
With the following consistency ratio:
As can be seen the weights are slightly
different from the center of intervals,
yet we come to the same best decision.
046.0,123.0,154.0,431.0,246.0*
w
061.0*
L
Again, this car,
with the highest
overall score, is
selected.
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25. 25Challenge the future
Highlights
• BWM is an easy-to-understand and easy-to-apply MCDM method.
• BWM makes the comparisons in a structured way, which makes the
judgment easier and more understandable, and more importantly
leads to more consistent comparisons, hence more reliable
weights/rankings.
• The interval weights of BWM enables the decision-maker to choose
a set of weights which are more consistent with his/her higher-
level information (e.g. in situations where debating has a role: e.g.
in a political party).
• The linear model can be used when flexibility is not desirable.
• BWM needs less comparison data compared to some other MCDM
methods (such as AHP).
• BWM can be applied to different MCDM problems with qualitative
and quantitative criteria.
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26. 26Challenge the future
Want to know more!?
For more information you may read these papers:
• Rezaei, J. (2015). Best-Worst Multi-Criteria Decision-Making Method, Omega,
Vol. 53, pp. 49–57.
• Rezaei, J. (2016). Best-worst multi-criteria decision-making method: Some
properties and a linear model, Omega, Vol. 64, pp. 126-130.
And visit this website:
http://www.bestworstmethod.com
Here you can also find the ways (such as an Excel Solver) you can solve your
BWM problems.
Or contact me: j.rezaei@tudelft.nl
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