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References 69
were respectively considered to be 30%, 60% and 40% as important
as the improvement in course structure.
(a) When the Simple Multi-attribute Rating Technique (SMART)
was applied to the scores and weights the following aggregate
scores were obtained for the non-monetary attributes.
University Aggregate score
Barchester 66.96
Cramwich 65.65
Denford 53.04
Enton 26.09
Flowton 34.35
Show how the score for Barchester university was obtained.
(b) Identify the universities which lie in the efficient frontier.
(c) The company would be prepared to pay $30 000 for an improvement
in a university’s teaching facilities from that equivalent to
the worst university to that equivalent to the best (all else
remaining equal). Identify the university it should choose
(assuming that the original weights apply).
(d) The intuitive choice of the television company’s managers differs
from that recommended by your SMART model. Briefly
discuss why this discrepancy may have arisen and how it might
be resolved.
References
1. Wright, G. (1984) Behavioral Decision Theory, Sage, Beverly Hills, California.
2. Keeney, R. L. (1982) Decision Analysis: An Overview, Operations Research,
30, No. 5, 803–837.
3. Keeney, R. L. and Raiffa, H. (1976) Decisions with Multiple Objectives: Preferences
and Value Tradeoffs, Wiley, New York.
4. Edwards, W. (1971) Social Utilities, Engineering Economist, Summer Symposium
Series, 6.
5. Watson, S. R. and Buede, D. M. (1987) Decision Synthesis, Cambridge University
Press, Cambridge.
6. Wooler, S. and Barclay, S. (1988) Strategy for Reducing Dependence on
a Strike-prone Production Facility, in P. Humphreys, A. Vari, J. Vecsenyi
and O. Larichev (eds) Strategic Decision Support Systems, North-Holland,
Amsterdam.