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Multiple Criteria Decision Making by Multiobjective Optimization - A Toolbox (Paperback, Softcover reprint of the original 1st ed. 2016)
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Multiple Criteria Decision Making by Multiobjective Optimization - A Toolbox (Paperback, Softcover reprint of the original 1st ed. 2016)
Series: International Series in Operations Research & Management Science, 242
Expected to ship within 10 - 15 working days
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This textbook approaches optimization from a multi-aspect,
multi-criteria perspective. By using a Multiple Criteria Decision
Making (MCDM) approach, it avoids the limits and
oversimplifications that can come with optimization models with one
criterion. The book is presented in a concise form, addressing how
to solve decision problems in sequences of intelligence, modelling,
choice and review phases, often iterated, to identify the most
preferred decision variant. The approach taken is human-centric,
with the user taking the final decision is a sole and sovereign
actor in the decision making process. To ensure generality, no
assumption about the Decision Maker preferences or behavior is
made. The presentation of these concepts is illustrated by numerous
examples, figures, and problems to be solved with the help of
downloadable spreadsheets. This electronic companion contains
models of problems to be solved built in Excel spreadsheet files.
Optimization models are too often oversimplifications of decision
problems met in practice. For instance, modeling company
performance by an optimization model in which the criterion
function is short-term profit to be maximized, does not fully
reflect the essence of business management. The company's managing
staff is accountable not only for operational decisions, but also
for actions which shall result in the company ability to generate a
decent profit in the future. This calls for management decisions
and actions which ensure short-term profitability, but also
maintaining long-term relations with clients, introducing
innovative products, financing long-term investments, etc. Each of
those additional, though indispensable actions and their effects
can be modeled separately, case by case, by an optimization model
with a criterion function adequately selected. However, in each
case the same set of constraints represents the range of company
admissible actions. The aim and the scope of this textbook is to
present methodologies and methods enabling modeling of such actions
jointly.
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