Ranking and selection with multiple "targets"

Authors:
Douglas J. Morrice;John C. Butler
Affiliations:
The University of Texas at Austin, Austin, TX;The Ohio State University, Columbus, OH
Venue:
Proceedings of the 38th conference on Winter simulation
Year:
2006

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Abstract

Managers of large industrial projects often measure performance by multiple attributes. In previous work, we developed a multiattribute ranking and selection procedure to allow tradeoffs between conflicting objectives. More recent developments in ranking and selection incorporate the notion of "constraints", or "targets", that must be satisfied. In this paper we demonstrate how some forms of single attribute utility functions can be used to create a target or constraint. We re-analyze our original problem under the assumption that there are unacceptable levels for some attributes.