Decision-making strategies

Lecture



General provisions.

In addition to the fact that in descriptive decision-making models the subjective factor (the psychological behavior of people) manifests itself in the formation of the decision-making concept, it also influences two other parameters of the decision-making process:

  • • the rules of preference among alternatives, used when screening out unpromising alternatives (alternative solutions) in the process of forming the final decisions. These (preference rules) are determined by the chosen decision-making concept and the position of the DM (decision maker);
  • • the way (method) of calculating the criterion score, on the basis of whose value alternatives are either screened out or accepted. This, in turn, is determined by the chosen preference rules and the position of the DM.

Note!

In descriptive models, the influence of the psychological behavior factor manifests itself in the choice of decision-making concept, in the formation of preference rules for alternatives, and in the selection of the method for calculating the criterion score.

The set of rules and actions that implement the decision-making concept using the preference rules for alternatives and the criterion scores calculated for the alternatives determines the content of the decision-making strategy.

Definition

A decision-making strategy is understood as the set of rules and actions for selecting the final decision to be formed, determined by the content of the decision-making concept, as well as by the preference rules for alternatives and the ways (methods) of calculating the criterion scores that implement it (the concept).

Note that this definition is general and is used in both descriptive and normative decision-making models. However, for the latter the following should be noted. Normative models presuppose the use of known (normative) decision-making methods, which already include preference rules and ways of calculating the criterion scores determined for each of the alternatives.

created: 2020-11-14
updated: 2026-03-10
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Lectures and tutorial on "Decision theory"

Terms: Decision theory