The project ranking problem is

The project ranking problem is, like many decision problems, challenging for at least two reasons. First, there is no single criterion in marketing mix model which adequately captures the effect or impact of each element; in other words, it is a multiple criteria problem. Second, there is no single decision maker; instead the project ranking … Continue reading “The project ranking problem is”

The project ranking problem is, like many decision problems, challenging for at least two reasons. First, there is no single criterion in marketing mix model which adequately captures the effect or impact of each element; in other words, it is a multiple criteria problem. Second, there is no single decision maker; instead the project ranking requires a consensus from a group of decision makers. (Henig and Buchanan and Buchanan et al.)

Buchanan et al. have debated that effective decisions come from effective decision process and proposed that where potential the subjective and objective parts of the decision process should be branched. The relationship between the alternatives and the criteria is portrayed using attributes, which are the objective and measurable character of alternatives. Attributes form the bridge within the alternatives and the criteria. Often, marketing management is looking and interesting on the solution rather than the outlines criteria.

Referring to the statement of Simon (1977), analysis decisions ex post cannot accurately be done due to human memory has some known biases. Through observation, we noticed that in many cases, decision is treated as a one shot game whereas most decisions are more or less repetitious. A decision maker can learn the effect of the assignment he has distributed to the weights. Likewise, the decision maker can learn to modify concordance and discordance factors in outranking methods (Roy and Skalka, 1985; Vetschera, 1986).

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