A Multiple Attribute Utility Theory Approach to Ranking and Selection

A Multiple Attribute Utility Theory Approach to Ranking and Selection

Managers of large industrial projects often measure performance by multiple attributes. For example, our paper is motivated by the simulation of a large industrial project called a land seismic survey, in which project performance is based on duration, cost, and resource utilization. To address thes...

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Bibliographische Detailangaben
Veröffentlicht in:Management Science. - Institute for Operations Research and the Management Sciences, 1954. - 47(2001), 6, Seite 800-816
1. Verfasser: Butler, John (VerfasserIn)
Weitere Verfasser: Morrice, Douglas J., Mullarkey, Peter W.
Format: Online-Aufsatz
Sprache:English
Veröffentlicht: 2001
Zugriff auf das übergeordnete Werk:Management Science
Schlagworte:Simulation Ranking and Selection Multiple Attribute Utility Theory Business Economics Physical sciences Behavioral sciences Applied sciences Mathematics
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520 |a Managers of large industrial projects often measure performance by multiple attributes. For example, our paper is motivated by the simulation of a large industrial project called a land seismic survey, in which project performance is based on duration, cost, and resource utilization. To address these types of problems, we develop a ranking and selection procedure for making comparisons of systems (e.g., project configurations) that have multiple performance measures. The procedure combines multiple attribute utility theory with statistical ranking and selection to select the best configuration from a set of possible configurations using the indifference-zone approach. We apply our procedure to results generated by the simulator for a land seismic survey that has six performance measures, and describe a particular type of sensitivity analysis that can be used as a robustness check. 
540 |a Copyright 2001 INFORMS 
650 4 |a Simulation 
650 4 |a Ranking and Selection 
650 4 |a Multiple Attribute Utility Theory 
650 4 |a Business  |x Business administration  |x Business management  |x Performance management  |x Performance metrics 
650 4 |a Economics  |x Microeconomics  |x Economic utility  |x Utility functions 
650 4 |a Physical sciences  |x Earth sciences  |x Geography  |x Land surveying 
650 4 |a Behavioral sciences  |x Psychology  |x Cognitive psychology  |x Emotion  |x Emotional states  |x Ambivalence 
650 4 |a Business  |x Business administration  |x Business management  |x Management principles 
650 4 |a Business  |x Accountancy  |x Financial accounting  |x Business expenses  |x Fixed costs  |x Committed fixed costs  |x Occupancy costs  |x Utilities costs 
650 4 |a Applied sciences  |x Engineering  |x Transportation  |x Vehicles  |x Vehicle performance  |x Horsepower 
650 4 |a Applied sciences  |x Research methods  |x Modeling 
650 4 |a Mathematics  |x Applied mathematics  |x Mathematical modeling  |x Sensitivity analysis 
650 4 |a Economics  |x Microeconomics  |x Economic utility 
655 4 |a research-article 
700 1 |a Morrice, Douglas J.  |e verfasserin  |4 aut 
700 1 |a Mullarkey, Peter W.  |e verfasserin  |4 aut 
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