Analytical evaluation of multi-criteria heuristics

Article Abstract:

An analytical approach is proposed for the assessment of the quality of heuristics for multi-criteria decision problems, particularly those that have to do with discrete sets of efficient and approximate solutions. This approach involves changing efficient and heuristic solutions into value measures that rely solely on the relative importance given to the criteria of interest through the assumption of an additive multi-attribute value structure. The approximation of efficient solutions with heuristics will result in approximation errors, which can then be used in determining whether solutions should be considered or eliminated. Methods for evaluating solutions for bicriterion problems and general multi-cirteria problems are also offered.

Multiple criteria decision making, Analysis, Heuristic, Heuristics (Psychology)

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Age Replacement under Alternative Cost Criteria

Article Abstract:

The relationships between optimum fixed-age replacement policies using three types of asymptotic criteria are studied. The criteria are termed usual asymptotic, Christer's and Ansell, Bendell and Humble's. Comparison between the replacement policies is demonstrated using an example of gamma distribution with shape parameter two. Optimum replacement times are shown in table form. Graphs represent optimum fixed-age replacement ages and expected costs of optimum policies in relation to the time horizon. Optimum replacement time under the usual asymptotic criterion is between the other two criteria listed.

Standards, Purchasing, Industrial equipment, Finance, Economic policy, Time management, Cost (Economics), Costs (Economics), Replacement of industrial equipment

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