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Decision Analysis Methods for Selecting Consumer Services with Attribute Value Uncertainty

Published

Author(s)

Dennis D. Leber, Jeffery W. Herrmann

Abstract

The basic risky decision is defined as a decision for which an uncertain event, in addition to the alternative selected, defines the outcome. Beyond the uncertain event, additional uncertainties can enter a decision including the uncertainty in the attribute values used to assess the decision outcomes. When considering the selection of consumer products and services, formal and informal reviews of products and services are often used by consumers to estimate the level of satisfaction that will be received. When developing a decision model based on these data, attribute value uncertainty is often present and should be incorporated. In this chapter, we consider the uncertainty in the attribute values used to describe the possible outcomes. We present several approaches to incorporate attribute value uncertainty into the decision analysis for choosing a roofing firm based on customer review data.
Citation
Risk Assessment and Evaluation of Predictions
Publisher Info
Springer, New York, NY

Keywords

Multiattribute Decision Analysis, Uncertainty, Consumer Satisfaction.

Citation

Leber, D. and Herrmann, J. (2013), Decision Analysis Methods for Selecting Consumer Services with Attribute Value Uncertainty, Risk Assessment and Evaluation of Predictions, Springer, New York, NY, [online], https://doi.org/10.1007/978-1-4614-8981-8_20 (Accessed June 24, 2024)

Issues

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Created December 1, 2013, Updated November 10, 2018