MGOC10H3 Lecture Notes - Lecture 4: Analytic Hierarchy Process, Euclidean Vector
Document Summary
Chapter 14 multi-criteria decision making scoring models, ahp. Lecture 08: scoring models are used for making decision where there are multiple criteria and not just single criteria such as minimizing cost or maximizing profit, scoring models range from simple unweighted models to the complex analytic hierarchy. Process (ahp: unweighted factor scoring model, each factor is given a score - typically a 1-5 scale, add up total score for each alternative. Alternative with highest score is selected: disadvantage is that each factor is weighted the same, i. e. , less important factors are weighted the same as important ones. Criteria: safety more safe gets higher score, comfort more comfortable gets higher score, cost lower cost gets higher score. 11: weighted factor model, each factor is weighted relative to its importance, for each decision or alternative, calculate the total weighted score, choose the decision that has the highest score. Weights: 1 5, 1 = very unimportant, 5 = very important.
