Abstract
Decision systems that logically combine personal judgments with objective information can work only if we have a good means for converting qualitative values, representing judgment, into quantitative measures that can be handled mathematically. Computer outputs can then be in numerical, useable form, for the decision makers’ ultimate action. The paper reviews prior work. Next consideration is given to the problem of giving quantitative weight to the judgments and estimates of assessors. Factors of intensity and breadth of experience as well as market understanding of a person can be expressed in quantitative form. An illustrative case history of practical procedures is presented. Finally, the consolidation of qualitative judgment factors into an over-all evaluation, is shown. Multivalued judgment data are discussed as part of a second case history. Here the price-volume estimates of several forecasters of varying degrees of expertise and qualifications are analyzed for the purpose of developing a consolidated, composite result in the form of an anticipated demand curve.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
