Advertisement

Estimation of Group Priorities and Value of Information

Authors

  • R. Muzaffer Musal,

    Corresponding author
    1. Department of Computer Information Systems and Quantitative Methods, Texas State University, San Marcos, Texas, United States
    • Correspondence to: CISQM, Texas State University, San Marcos, Texas, United States. E-mail: mmusal@gmail.com

    Search for more papers by this author
  • Refik Soyer

    1. Department of Decision Sciences, George Washington University, Washington DC, District of Columbia, United States
    Search for more papers by this author

ABSTRACT

In this paper, we present a Bayesian approach to model uncertainty about a group's priorities in a multicriteria evaluation problem and develop a methodology to quantify amount of information provided by a sample of priorities. In so doing, we discuss how the quantification of the information content can be used to decide to elicit additional priorities from the group. We illustrate the implementation of our approach and discuss additional insights that it provides using real-life data from an academic department's priority analysis. Copyright © 2013 John Wiley & Sons, Ltd.

Ancillary