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1. Why is it important to think carefully about decision situations that involve multiple conflicting objectives?

2. Explain the general decision-analysis approach to dealing with multiple objectives.

3. Explain what is meant by the term indifference curve.

4. Explain the idea of dominance in the context of multiobjective decision making.

5. Imagine that you are working on a committee to develop an employment-conditions pol icy for your firm. During the discussion of safety, one committee member states that em ployee safety is twice as important as benefits such as flexible work time, employer- sponsored day care, and so on.

a. How might you respond to such a statement?

b. Suppose the statement was that employee safety was twice as important as insurance benefits. How might you translate this statement into a form (perhaps based on dollar values) so that it would be possible to evaluate various policy alternatives in terms of safety and insurance in a way that would be consistent with the statement?

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Category:- Statistics and Probability
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