On decision making and worth assessment

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Abstract
In this paper we present a tutorial review of the decision-making problem and of some of the tools available for treating it. We present a systems engineering framework developed by Hall and expanded by Warfield and Hill. Within that, framework we identify the decision-making and worth-assessment problems. As tools to effectively treat these problems, we present a summary review of the extensive form of decision analysis, modern utility theory, and the theory for evaluating preferences involving alternatives with multiple attributes. We also present a reasonably complete discussion of the worth-assessment procedure With the above material as background, we examine the relationship between the worth-assessment procedure and decision analysis : and identify worth assessment as a particular form for evaluating multi-attributed preferences. In discussing worth assessment as a particular form for treating the multi-attribute problem, we point out some of the similarities and dissimilarities between the utility approach and the worth-assessment approach. By discussing worth assessment from this viewpoint and examining it in the light of modern utility theory, we prvoide some mathematical justification which has been lacking in the past and has opened the door for some criticism of worth assessment.

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