Usually several alternative possibilities will be encountered in daily like. The selection (or called decision making) has become a kind of psychology. By the decision making process we will get a final choice. There are a lot different decision-making methods published and widely used, such as weighted-point method, matrix approach, vendor performance matrix approach, vendor profile analysis (VPA), analytic hierarchy process (AHP), and multiple objective programming (MOP) Here followed is a short introduction of two different decision-making methods: the Analytic Hierarchy Process and the Multi-Attribute Utility theory.
When the decision-maker facing a complex problem with multiple conflicting and subjective criteria (for example location or investment selection, projects ranking and so forth), the decision-making method based on multi-criteria is so called the Analytic Hierarchy Process (AHP). AHP is originally proposed by Saaty in 1980. It is based on four steps: problem modeling, weights valuation, weights aggregation and sensitivity analysis. To analysis the problem for the decision making process, it can be divided into three parts: goal, criteria and alternatives. First of all, AHP shows an advantage that it permits a hierarchical structure of the criteria, which provides users with a better focus on specific criteria and sub-criteria when allocating the weights.  Secondly, The AHP method uses a ratio scale, so it doesn’t require units in the comparison, and the decision make doesn’t need to make a numerical judgment, which is better than interval scales.
The Wikipedia explains the Multi-Attribute Utility Theory (MAUT) that it is used to represent the preferences of an agent over bundles of goods under ...
... middle of paper ...
...ocation to make a final decision on which projects to initiate. 
Figure 1 shows the AHP decision tree for selecting the best new product development project. According to the figure, within all criteria, there are few sub-criteria but they are all limited. The overall estimation of these factors provides a final answer for the new project.
Figure1 The AHP decision tree for selecting the best new product development project (NPD). 
In conclusion, both AHP and MAUT are important decision-making methods and they provide a more efficient way for the businessmen or social workers to get a final decision. These scientific methods should be applied based on their advantages and disadvantages in a whole view. There is no such stable conclusion that which one is better. The MAUT is more suitable for bundles of goods under a large number of uncertainties.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Table 4 shows the results of restricted and unrestricted choice models for Old Saybrook sample. The unrestricted models allow for systematic variations in estimated mean parameter (mean marginal utility) for all attributes except the Cost that are associated with variations in perceived or actual risks of flooding to private homes. Since the econometric model used in the estimation of the utility function is a RPL model, allowing for the main effects interactions with measures of flood-caused risks to private homes would capture the heterogeneity around the means related to variations in the risk measures.... [tags: Economics, Utility, Flood]
1216 words (3.5 pages)
- In order to deter others from committing offenses, a consequence for a persons actions must be implemented. The consequence is better known as a punishment in today’s society. According to Brody and Acker (2010, p.2), punishment can be defined as an essential attribute of the criminal process. Legal philosopher H.L.A. Hart deemed that there were five elements to punishment. A brief description of each element along with my opinion if I agree or disagreewith each element. The first element according to H.L.A.... [tags: Law, Crime, Criminal justice, Police]
702 words (2 pages)
- Analytical Hierarchy Process Because people choose these three elements: importance, preference and likelihood to evaluate all the possible alternatives to a decision which sometimes is not consistent with every decision situation, the concept of Analytical Hierarchy Process (AHP) was developed by Dr. Thomas Saaty. Dr. Saaty described the AHP as a decision making approach based on the "innate human ability to make sound judgments about small problems" AHP transforms complex decision problems into simple decisions for both individuals and groups that employees the use of it to make decision.... [tags: Technology Process]
1192 words (3.4 pages)
- Sasson (2015) states the inner power that pushes one toward taking action and toward achievement describes motivation. Also, motivation influences the aspiration and ambition to complete a mission. Chand (2015) report the process of motivation began with a deficiency in a physiological, or the psychological state that activates a behavior or a drive that aims at a goal or an accomplishment. Thus, internal motivation may be presented with the results of external actions. As stated by Chand (2015) motivation comes from the word motive that stimulates the movement of behavior.... [tags: Maslow's hierarchy of needs, Motivation]
774 words (2.2 pages)
- Maslow’s Hierarchy of Needs in My Life Sometimes it is hard to see change, at least up close. I forget how much I have changed in my life until I look at a picture of myself in middle school or I run into an old friend I haven’t seen in a while. My point is that sometimes I wonder if I am doing what I am supposed to be doing in my life and that I am reaching or at least close to reaching my full potential as a person. This would be considered a motivator in Maslow’s hierarchy of needs. In one of my college classes, we were supposed to write about how we can inspire motivation in ourselves.... [tags: Maslow's hierarchy of needs, Motivation]
833 words (2.4 pages)
- Maslow’s hierarchy of needs is a theory in psychology that was constructed by Abraham Maslow in his 1943 paper ‘A Theory of Human Motivation.’ This theory states the needs that Maslow believed motivated humans since birth, with the lowest level of needs at the bottom and the need for self-actualization at the top. The purpose of this paper is to take Maslow’s hierarchy of needs and use it to analyze the life of a character Achilles, from the movie Troy. His hierarchy contains five different levels.... [tags: Achilles, Iliad, Maslow's hierarchy of needs]
1416 words (4 pages)
- The importance of Maslow’s hierarchy of needs in employee motivation. Motivation is ‘the arousal, direction and persistence of behaviour’ (Management Third Edition, Samson, 2009). Employee motivation directly affects the rate of productivity and it is within the manager’s role to find suitable motivational rewards and techniques to keep employees satisfied and therefore productive within the organisation. Employee motivation is consequently a major management concept as it is needed to produce more efficient and effective workers that successively brings upon a good organisational culture.... [tags: Maslow's hierarchy of needs, Motivation]
1070 words (3.1 pages)
- Maslow’s Hierarchy of Needs Theory can possibly give an explanation to the manager’s actions. Specifically, the lower-order need “Safety”. The manager changed the free food policy from 6 hours to 12 hours in order to protect the stability of the company, his bonus, and stop employees from bad behavior. Under Alderfer’s ERG Theory the manager was pursuing his “Growth Needs.” He attempted to stop a behavior that tarnishes his work record and prevents him from receiving a bonus. Subject to McClelland’s Acquired Needs Theory the manager catered to the “Need for Achievement.” The manager hoped the policy change would be successful by stopping the bad behavior, and raise percentages back up.... [tags: Motivation, Maslow's hierarchy of needs]
1254 words (3.6 pages)
- Madness as An Individual Attribute Or A Process Of Social Construction Madness is a largely contentious issue for a variety of reasons, comprising of operational discrepancies and its implications for wider society. In a very rudimentary sense madness implies a state of insanity beyond the control or will of the person considered to be mad. This however presupposes the existence of madness as tangible or concrete phenomena and dismisses the possibility that 'madness' may simply be the product or expression of alternate truths or different expressions of reality.... [tags: Papers]
2727 words (7.8 pages)
- Improvements through Grid and Utility Computing Introduction In the competitive business world of today, companies have to strive to be the best. They have to develop new ideas and innovations that set them apart. At the same time, these companies need to find ways to perform more efficiently. If a company is efficient in their capabilities then the typical results are the business has lower costs and/or they are performing to the best of their abilities. All companies in today’s world strive for all these things because they know if they do not they will fall behind and send business to their competitors.... [tags: Grid Utility Computing Business Essays]
1748 words (5 pages)