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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 ...
The term decision matrix is used to describe a multiple-criteria decision analysis (MCDA) problem. An MCDA problem, where there are M alternative options and each needs to be assessed on N criteria, can be described by the decision matrix which has N rows and M columns, or M × N elements, as shown in the following table.
The weighted product model (WPM) is a popular multi-criteria decision analysis (MCDA) / multi-criteria decision making (MCDM) method. It is similar to the weighted sum model (WSM) in that it produces a simple score, but has the very important advantage of overcoming the issue of 'adding apples and pears' i.e. adding together quantities measured in different units.
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.
Decision tables are a concise visual representation for specifying which actions to perform depending on given conditions. Decision table is the term used for a Control table or State-transition table in the field of Business process modeling ; they are usually formatted as the transpose of the way they are formatted in Software engineering .
In weighted least squares, the definition is often written in matrix notation as =, where r is the vector of residuals, and W is the weight matrix, the inverse of the input (diagonal) covariance matrix of observations.
In this example a company should prefer product B's risk and payoffs under realistic risk preference coefficients. Multiple-criteria decision-making (MCDM) or multiple-criteria decision analysis (MCDA) is a sub-discipline of operations research that explicitly evaluates multiple conflicting criteria in decision making (both in daily life and in settings such as business, government and medicine).
It is a measure used to evaluate the performance of regression or forecasting models. It is a variant of MAPE in which the mean absolute percent errors is treated as a weighted arithmetic mean. Most commonly the absolute percent errors are weighted by the actuals (e.g. in case of sales forecasting, errors are weighted by sales volume). [3]