Applying Decision Analysis with SMART to a Practical Decision Scenario

This assignment involves applying an analytical tool to a practical decision scenario and assessing the strengths and limitations of the analysis. This assignment is designed to assess your ability to:

1. Apply decision analysis to a problem involving multiple objectives.

2. Evaluate the strengths and limitations of your analysis

Instructions

1. Discuss the importance of decision making and the application of decision analysis.

2. Identify and outline a decision problem relating to your work or an external organisation, which involves multiple objectives. Typical examples might be choosing, a computer system, a raw materials supplier, a software package or a new service provider. Outlined decision problem should have a clear business case. Your decision problem must not be a replication of the examples in the core text book or the examples which have been used in lectures and tutorials.

3. Apply the simple multi-attribute rating technique (SMART) to the outlined decision problem. Each stage of the analysis should be clearly defined and presented.

4. Discuss and detail the strengths and limitations of your analysis in the context of your decision problem