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Combining Scenario Planning with Multiattribute Decision Making

  1. Paul Goodwin

Published Online: 19 JUL 2013

DOI: 10.1002/9780470400531.eorms1074

Wiley Encyclopedia of Operations Research and Management Science

Wiley Encyclopedia of Operations Research and Management Science

How to Cite

Goodwin, P. 2013. Combining Scenario Planning with Multiattribute Decision Making. Wiley Encyclopedia of Operations Research and Management Science. 1–9.

Author Information

  1. University of Bath, School of Management, Bath, Somerset, United Kingdom

Publication History

  1. Published Online: 19 JUL 2013

Abstract

Two factors can make strategic decision making difficult in a turbulent and dynamic world: uncertainty about the future and the need to balance multiple objectives. Psychologists have found that unaided decision makers can suffer from systematic biases when facing these two factors. A framework for supporting strategic decision makers is presented, which combines the benefits of multiattribute decision analysis and scenario planning, with the former supporting the need to make trade-offs between objectives and the latter allowing the performance of strategies to be evaluated against a range of plausible futures.

Keywords:

  • strategic planning;
  • decision making;
  • uncertainty;
  • scenarios;
  • simple multiattribute rating technique