Relating multiobjective decision trees to the multiobjective risk impact analysis method

Ruth Y. Dicdican and Yacov Y. Haimes

Systems Engineering, 2005, vol. 8, issue 2, 95-108

Abstract: This paper develops the theoretical and methodological relationship between multiobjective decision trees (MODT) and the multiobjective risk impact analysis method (MRIAM)—two tools that are useful in decision‐making at each step of the system life cycle. Decision trees have been extensively used in decision problems with great success. Multiobjective decision trees include multiple noncommensurate objective functions over a given period. On the other hand, the MRIAM analyzes risk and decision impacts in a dynamic multiobjective framework. Both methods are used to perform sequential decision‐making by analyzing the impacts of current decisions on future options. Understanding the advantages and limitations of these two distinct methods and appreciating how they supplement and complement each other contributes synergy to an analysis. An illustrative example shows how a given problem can be solved using MODT and the MRIAM. © 2005 Wiley Periodicals, Inc. Syst Eng 8: 95–108, 2005

Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:wly:syseng:v:8:y:2005:i:2:p:95-108

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