Design and Development of a Value-Based Decision Making Process for Asset Intensive Organizations

2018 ◽  
pp. 605-623 ◽  
Author(s):  
Manuela Trindade ◽  
Nuno Almeida ◽  
Matthias Finger ◽  
Daniel Ferreira
Keyword(s):  
Decision Making ◽  
Decision Making Process ◽  
Design And Development ◽  
A Value

THE ANALYSIS OF THE DECISION-MAKING PROCESS IN MECHANISTIC AND CYBERNETIC CONCEPTS OF HUMAN BEING

2018 ◽  
Vol 30 (30) ◽  
pp. 71-86
Author(s):  
Teresa Grabińska ◽  
Maria Kamińska-Zabierowska
Keyword(s):  
Decision Making ◽  
Autonomous System ◽  
Mechanistic Model ◽  
The State ◽  
Decision Making Process ◽  
Human Being ◽  
Cybernetic Model ◽  
Value System ◽  
A Value ◽  
State Of The Environment

There are discussed two models of human reactions to stimuli from the environment. In the mechanistic model, the decision-making process is determined and triggered by internal power, and this is fueled by the acquisition of external goods. In the cybernetic model, man is an autonomous system, i.e. equipped with so-called homeostat, which regulates the processing of information from outside, according to his own purpose to influence the environment. Both models are compared in terms of the effect of the decision. While the man-machine regulates the state of the environment in overcoming conflict in it, the man-autonom has a wider field of action to modify the state of the environment, according to his own goal. In both models, however, there is no room for a value system that motivates the decision-making process.

scholarly journals EVALUATION MODEL FOR MULTIATTRIBUTES–MULTIAGENTS DECISION MAKING: SATISFICING GAME APPROACH

2009 ◽  
Vol 08 (01) ◽  
pp. 73-91 ◽  
Author(s):  
AYELEY P. TCHANGANI
Keyword(s):  
Game Theory ◽  
Decision Making ◽  
Decision Problem ◽  
Value Function ◽  
Evaluation Model ◽  
Decision Makers ◽  
Decision Making Process ◽  
Human Beings ◽  
A Value ◽  
Negative Attributes

This paper considers the evaluation step in a decision-making process that follows decision-making goals setting, feasible alternatives and attributes or criteria that characterize them determination steps. Evaluation step must establish a model or algorithm to evaluate alternatives taking into account their performances with regard to criteria as well as decision makers or stakeholders preferences. Though this problem is rather a classic one, researches related to evaluation model construction continue to be active to find models that cope with more realities or that fit well how human beings behave in group and proceed when facing the problem of choosing, ranking or sorting alternatives or options. The purpose of this paper is to construct an evaluation model that integrate the performances of alternatives with regard to attributes or criteria and decision makers or agents opinions with regard to the importance to assign to each criterion in order to obtain a value function. As any decision problem is almost always a matter of tradeoff, among attributes characterizing alternatives there will be those acting toward the achievement of decision makers goal (benefit) and those that decision makers would like to reduce as much as possible (cost); we will designate the first ones as positive attributes and the later ones as negative attributes. The process of dividing attributes into positive attributes and negative attributes is beyond the scope of this paper and this partition will be considered as a part of the problem specification. The model is constructed in two steps: firstly, satisfiability (selectability and rejectability) measures or functions are obtained for each alternative using attributes values (positive attributes will contribute to selectability measure whereas negative ones are used in the derivation of rejectability measure) and agents opinions in the framework of satisficing game theory and secondly a value function is built on that measures. Agents opinions with regard to attributes will be expressed locally by weighting them by category (positive/negative).

scholarly journals Developing and Piloting A Value Framework and a Tool to Inform the “Evidence-to-Decision Making” Process

2017 ◽  
Vol 20 (9) ◽  
pp. A854
Author(s):  
A Alcaraz ◽  
A Hernandez-Vasquez ◽  
S Garcia Marti ◽  
A Bardach ◽  
A Ciapponi ◽  
...  
Keyword(s):  
Decision Making ◽  
Decision Making Process ◽  
A Value

Improving Capital Budgeting Through Probabilistic Approaches

2017 ◽  
Vol 20 (03) ◽  
pp. 1750018
Author(s):  
Oualid Benallou ◽  
Rajae Aboulaich
Keyword(s):  
Decision Making ◽  
Probability Distribution ◽  
Real Options ◽  
Value Creation ◽  
Capital Budgeting ◽  
Portfolio Diversification ◽  
Decision Making Process ◽  
Risk Return ◽  
A Value ◽  
Deterministic Framework

This article advocates the multiple benefits of applying probabilistic approaches to capital budgeting through enriching the deterministic framework with a stochastic modeling of main impacting inputs (including a methodology for selecting the most important inputs to be modeled stochastically). The essential limitations of the deterministic capital budgeting methodology are presented: behavioral biases (optimism, asymmetric probability distribution, etc.), incomplete view of the risk return profile, neglecting real options (be it to evaluate a project or to reshape it in a value creation perspective), portfolio diversification impact, etc. Through some selected examples, we illustrate how each of these limitations can be mitigated thanks to probabilistic approaches leading to a better decision-making process and ultimately more value creation.

AAC Decision-Making and Mobile Technology: Points to Ponder

2014 ◽  
Vol 23 (2) ◽  
pp. 104-111 ◽  
Author(s):  
Mary Ann Abbott ◽  
Debby McBride
Keyword(s):  
Decision Making ◽  
Mobile Technology ◽  
Communication System ◽  
Augmentative And Alternative Communication ◽  
Evaluation Process ◽  
Decision Making Process ◽  
Alternative Communication ◽  
Ipod Touch ◽  
Feature Match

The purpose of this article is to outline a decision-making process and highlight which portions of the augmentative and alternative communication (AAC) evaluation process deserve special attention when deciding which features are required for a communication system in order to provide optimal benefit for the user. The clinician then will be able to use a feature-match approach as part of the decision-making process to determine whether mobile technology or a dedicated device is the best choice for communication. The term mobile technology will be used to describe off-the-shelf, commercially available, tablet-style devices like an iPhone®, iPod Touch®, iPad®, and Android® or Windows® tablet.

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