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Summary and Critical Analysis of Multiobjective Decision Making

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This term paper discusses the subject of multi-objective decision making problems, that require a set of criteria prior to implementation. First, it is clear that objective functions must be normalized. That is, objective functions must have the same physical meaning to all the stakeholders involved, which likewise means that units and scales used in the measurement of these function must be consistent. Next, the appropriate principle of optimality must be chosen. The principle of optimality sets the properties of the optimal solution and answers in such a ways that the optimal solution bests all other possible solutions. Third, the researcher states that the priorities of objective functions have also to be considered. It is imortant to understand that different objective functions have different importance and thus, higher priority must be given to more important objective functions. Based on these considerations, this term paper provides a critical analysis of a multi-objective decision making model, which covers economics and managerial applications of a company. A summary of the model were presented by the researcher of the paper, and its strengths and weaknesses were also highlighted. In conclusion, the researcher of this term paper analyzed the final portion of the study. This term paper also presents an outline of a possible research project, that will be concducted and that will involve both multi-objective decision making process and analysis as well as multi-objective decision making model to view.

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