A step by step approach - Valuing performance
3 important questions on A step by step approach - Valuing performance
How can trade-offs be achieved?
By first establishing how valued, or desirable, are the performances of the alternative strategies with respect to the objectives, and then weighting these derived functions and combining them into an overall measure of performance.
How can an overall measure of performance be made?
The performance measures should be converted to value by normalising scores to a common range.
What is a utility function?
The function that takes account of preference changes with respect to the probability of various outcomes
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