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Similar to a decision matrix, a belief decision matrix is used to describe a multiple criteria decision analysis problem in the Evidential Reasoning Approach. Instead of being a single numerical value or a single grade as in a decision matrix, each element in a belief decision matrix is a belief distribution .
The decision-matrix method, also Pugh method or Pugh concept selection, invented by Stuart Pugh, [1] is a qualitative technique used to rank the multi-dimensional options of an option set. It is frequently used in engineering for making design decisions but can also be used to rank investment options, vendor options, product options or any ...
An assessment of an option can be more reliably and realistically represented by a belief decision matrix than by a conventional decision matrix. It accepts data of different formats with various types of uncertainties as inputs, such as single numerical values, probability distributions, and subjective judgments with belief degrees.
Experts on decision support systems for practical reasoning have warned that the Ben Franklin method is only appropriate for very informal decision making: "A weakness in applying this rough-and-ready approach is a poverty of imagination and lack of background knowledge required to generate a full enough range and detail of competing ...
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In decision theory, the weighted sum model (WSM), [1] [2] also called weighted linear combination (WLC) [3] or simple additive weighting (SAW), [4] is the best known and simplest multi-criteria decision analysis (MCDA) / multi-criteria decision making method for evaluating a number of alternatives in terms of a number of decision criteria.