Modeling Multi-Objective Multi-Stakeholder Decisions: A Case-Exercise Approach

Abstract

The multi-objective multi-stakeholder decision modeling methodology is an effective way to describe and aid context-rich idiosyncratic organizational decision making situations that traditional single attribute decision methodologies can not tackle. The purpose of this paper is to demonstrate how to teach students this methodology as a decision making tool to analyze real-life decision problems using two business decisions as examples (the StarKist decision and the Home Depot case). In particular, we discuss the specific skills students are expected to learn, such as dynamic sensitivity analysis, and typical student questions and errors during case discussion. This methodology has been taught successfully in decision analysis courses both for MBA (including full-time MBA students, business and health care executive MBA students) and undergraduate students.