Friday, December 6, 2019
Variety of Heuristic Strategies Samples Ã¢â¬ MyAssignmenthelp.com
Question: Discuss about the Variety of Heuristic Strategies. Answer: Elimination by aspects Strategy Heuristics refer to simple, efficient rules used by people in the decision-making process. Decision makers have a variety of heuristic strategies at their disposal. My most preferred strategy is elimination by aspects which involves identification of the most important attribute for me and cutting off those options that do not meet the criteria (Goodwin and Wright, 2014). This strategy ensures that I am left with the single most important option among multiple options. For example, when I want to buy a new phone I use one important attribute such as internal storage capacity and Camera megapixels and discard some of the available options because they have a lower capacity or camera megapixels than I desire until I am left with the best option. Advantages Among the advantages of this method is that it is relatively easy to use and can be justified easily (Zeleny, 2011). Disadvantage This strategy does not, however, guarantee that the options retained are better than those eliminated (Goodwin and Wright, 2014). References Goodwin, P. and Wright, G., 2014. Decision Analysis for Management Judgment 5th ed. John Wiley and sons. Zeleny, M., 2011. Multiple criteria decision making (MCDM): From paradigm lost to paradigm regained?. Journal of Multi?Criteria Decision Analysis, 18(1-2), pp.77-89.