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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.
Balance puzzle. A balance puzzle or weighing puzzle is a logic puzzle about balancing items—often coins—to determine which holds a different value, by using balance scales a limited number of times. These differ from puzzles that assign weights to items, in that only the relative mass of these items is relevant.
Potter Box. The Potter Box is a model for making ethical decisions, developed by Ralph B. Potter, Jr., professor of social ethics emeritus at Harvard Divinity School. [1] It is commonly used by communication ethics scholars. According to this model, moral thinking should be a systematic process and how we come to decisions must be based in some ...
Hick's law. Hick's law, or the Hick–Hyman law, named after British and American psychologists William Edmund Hick and Ray Hyman, describes the time it takes for a person to make a decision as a result of the possible choices: increasing the number of choices will increase the decision time logarithmically. The Hick–Hyman law assesses ...
An optimal decision is a decision that leads to at least as good a known or expected outcome as all other available decision options. It is an important concept in decision theory. In order to compare the different decision outcomes, one commonly assigns a utility value to each of them. If there is uncertainty as to what the outcome will be but ...
The decision-maker's environment can play a part in the decision-making process. For example, environmental complexity is a factor that influences cognitive function. [7] A complex environment is an environment with a large number of different possible states which come and go over time. [8]
In general, a complexity class is defined in terms of a type of computational problem, a model of computation, and a bounded resource like time or memory. In particular, most complexity classes consist of decision problems that are solvable with a Turing machine, and are differentiated by their time or space (memory) requirements.
Anchoring effect. The anchoring effect is a psychological phenomenon in which an individual's judgments or decisions are influenced by a reference point or "anchor" which can be completely irrelevant. Both numeric and non-numeric anchoring have been reported in research. In numeric anchoring, once the value of the anchor is set, subsequent ...