Real-World Problems
During our careers we have been involved as consultants in several real-world projects, sometimes together, sometimes separately, but often involving other people. Some of the problems have been corporate decision problems, some public sector decision pro
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Pekka J. Korhonen Jyrki Wallenius
Making Better Decisions Balancing Conflicting Criteria
International Series in Operations Research & Management Science Volume 294
Series Editor Camille C. Price Department of Computer Science, Stephen F. Austin State University, Nacogdoches, TX, USA Associate Editor Joe Zhu Foisie Business School, Worcester Polytechnic Institute, Worcester, MA, USA Founding Editor Frederick S. Hillier Stanford University, Stanford, CA, USA
More information about this series at http://www.springer.com/series/6161
Pekka J. Korhonen • Jyrki Wallenius
Making Better Decisions Balancing Conflicting Criteria
Pekka J. Korhonen Aalto University School of Business Espoo, Finland
Jyrki Wallenius Aalto University School of Business Espoo, Finland
ISSN 0884-8289 ISSN 2214-7934 (electronic) International Series in Operations Research & Management Science ISBN 978-3-030-49457-5 ISBN 978-3-030-49459-9 (eBook) https://doi.org/10.1007/978-3-030-49459-9 © Springer Nature Switzerland AG 2020 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Switzerland AG. The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
To our personal decision-makers Kaiju and Hannele, who have enriched our lives in uncountable ways
Preface
Decision-making is one of the key functions of managers in private and public organizations. Moreover, human beings in their private or personal lives face numerous small and large decisions. Good decisions are important for organizations and human beings; bad decisions may be devastating. Sometimes you may not know (until much later) whether you have made a good or a bad decision. However, a human being is not a machine. As the ancient Romans used to say: “Errare humanum est, sed in errare perseverare diabolicum,” which translates to: “To
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