In a paper published in Management Science in 1984, Korhonen, Wallenius, and Zionts presented the... more In a paper published in Management Science in 1984, Korhonen, Wallenius, and Zionts presented the idea and method based on convex-cone dominance in the discrete Multiple Criteria Decision Making framework. In our current paper, we revisit the old idea from a new standpoint and provide the mathematical theory leading to a dual-cone based approach to solving such problems. Our paper makes the old results computationally more tractable. The results provided in the present paper also help extend the theory.
International Series in Operations Research & Management Science, 2020
To improve performance is one of the key tasks of managers in organizations. Demands to make oper... more To improve performance is one of the key tasks of managers in organizations. Demands to make operations more profitable and efficient is common. Performance is often simply measured with a monetary yardstick: the private-sector firm making most money or the public sector organization operating with the least expenditure is considered to be best.
In the presence of multiple objectives, ‘optimizing’ each of them separately usually leads to dif... more In the presence of multiple objectives, ‘optimizing’ each of them separately usually leads to different solutions. Which solution the decision-maker prefers depends on her preferences, that is how she weighs the different objectives.
... Jon Marquis, John W. Fowler, Esma Gel Arizona State University, PO Box 875906 Tempe, AZ 85287... more ... Jon Marquis, John W. Fowler, Esma Gel Arizona State University, PO Box 875906 Tempe, AZ 85287-5906, USA, {Jon.Marquis, John.Fowler, Esma.Gel}@asu.edu Murat Köksalan Middle East Technical University, 06531, Ankara Turkey, Koksalan@metu.edu.tr ... 592 MISTA 2007 ...
Managers often base their decisions on forecasts; forecasts (or estimates) of future costs, sales... more Managers often base their decisions on forecasts; forecasts (or estimates) of future costs, sales, revenue, or the likelihood of future events. For our decision-making, it is critical that such forecasts are as accurate as possible. Humans are notoriously not very good with probabilities. The technical term is that they are not necessarily well-calibrated probability assessors. The only way to improve oneself as a forecaster is to get feedback on, how you did in the past. Your past forecasts and estimates must be on record, so that we can double check how well you did in the past. How accurate have you been? Quite often estimates and forecasts involve probabilities. Besides the decision traps that we have discussed, there are many other traps, which distort our capability to assess (often) subjective probabilities. Some of the most common such traps are:
Thus far, we have discussed decision-making in the framework, where all decision alternatives are... more Thus far, we have discussed decision-making in the framework, where all decision alternatives are known or can be enumerated. In that case, the problem is to identify the most preferred alternative from among those alternatives.
To improve performance is one of the key tasks of managers in organizations. Demands to make oper... more To improve performance is one of the key tasks of managers in organizations. Demands to make operations more profitable and efficient is common. Performance is often simply measured with a monetary yardstick: the private-sector firm making most money or the public sector organization operating with the least expenditure is considered to be best.
When facing complex multi-criteria decision problems, there is a need to support decision-makers.... more When facing complex multi-criteria decision problems, there is a need to support decision-makers. In this chapter we outline several computer-based decision support systems, which heavily use computer-graphics. At the time they each represented state-of-the-art technology. We describe the VICO system based on harmonious houses, and the VIMDA system based on line graphs. Both systems support decisions, where we can list all alternatives. The third system, which we describe, is called VIG. It is targeted for supporting decision-making in Multiple Objective Linear Programming environments, where the alternatives are implicitly defined via constraints.
In a paper published in Management Science in 1984, Korhonen, Wallenius, and Zionts presented the... more In a paper published in Management Science in 1984, Korhonen, Wallenius, and Zionts presented the idea and method based on convex-cone dominance in the discrete Multiple Criteria Decision Making framework. In our current paper, we revisit the old idea from a new standpoint and provide the mathematical theory leading to a dual-cone based approach to solving such problems. Our paper makes the old results computationally more tractable. The results provided in the present paper also help extend the theory.
International Series in Operations Research & Management Science, 2020
To improve performance is one of the key tasks of managers in organizations. Demands to make oper... more To improve performance is one of the key tasks of managers in organizations. Demands to make operations more profitable and efficient is common. Performance is often simply measured with a monetary yardstick: the private-sector firm making most money or the public sector organization operating with the least expenditure is considered to be best.
In the presence of multiple objectives, ‘optimizing’ each of them separately usually leads to dif... more In the presence of multiple objectives, ‘optimizing’ each of them separately usually leads to different solutions. Which solution the decision-maker prefers depends on her preferences, that is how she weighs the different objectives.
... Jon Marquis, John W. Fowler, Esma Gel Arizona State University, PO Box 875906 Tempe, AZ 85287... more ... Jon Marquis, John W. Fowler, Esma Gel Arizona State University, PO Box 875906 Tempe, AZ 85287-5906, USA, {Jon.Marquis, John.Fowler, Esma.Gel}@asu.edu Murat Köksalan Middle East Technical University, 06531, Ankara Turkey, Koksalan@metu.edu.tr ... 592 MISTA 2007 ...
Managers often base their decisions on forecasts; forecasts (or estimates) of future costs, sales... more Managers often base their decisions on forecasts; forecasts (or estimates) of future costs, sales, revenue, or the likelihood of future events. For our decision-making, it is critical that such forecasts are as accurate as possible. Humans are notoriously not very good with probabilities. The technical term is that they are not necessarily well-calibrated probability assessors. The only way to improve oneself as a forecaster is to get feedback on, how you did in the past. Your past forecasts and estimates must be on record, so that we can double check how well you did in the past. How accurate have you been? Quite often estimates and forecasts involve probabilities. Besides the decision traps that we have discussed, there are many other traps, which distort our capability to assess (often) subjective probabilities. Some of the most common such traps are:
Thus far, we have discussed decision-making in the framework, where all decision alternatives are... more Thus far, we have discussed decision-making in the framework, where all decision alternatives are known or can be enumerated. In that case, the problem is to identify the most preferred alternative from among those alternatives.
To improve performance is one of the key tasks of managers in organizations. Demands to make oper... more To improve performance is one of the key tasks of managers in organizations. Demands to make operations more profitable and efficient is common. Performance is often simply measured with a monetary yardstick: the private-sector firm making most money or the public sector organization operating with the least expenditure is considered to be best.
When facing complex multi-criteria decision problems, there is a need to support decision-makers.... more When facing complex multi-criteria decision problems, there is a need to support decision-makers. In this chapter we outline several computer-based decision support systems, which heavily use computer-graphics. At the time they each represented state-of-the-art technology. We describe the VICO system based on harmonious houses, and the VIMDA system based on line graphs. Both systems support decisions, where we can list all alternatives. The third system, which we describe, is called VIG. It is targeted for supporting decision-making in Multiple Objective Linear Programming environments, where the alternatives are implicitly defined via constraints.
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Papers by Pekka Korhonen