Chapter 3: Decisions Involving Multiple Objects: SMART

Question 1

What is an objective in decision-making?

Answer 1

An indication of the preferred direction of movement

Question 2

What is an attribute in relation to an objective?

Answer 2

Used to measure performance in relation to an objective

Question 3

What is the first stage of the SMART process?

Answer 3

Identify decision makers

Question 4

What is the second stage of the SMART process?

Answer 4

Identify alternative courses of action

Question 5

What is the third stage of the SMART process?

Answer 5

Identify the relevant attributes

Question 6

What happens in the fourth stage of the SMART process?

Answer 6

Assess the performance of the alternatives on each attribute

Question 7

What happens in the fifth stage of the SMART process?

Answer 7

Determine a weight for each attribute

Question 8

What happens in the sixth stage of the SMART process?

Answer 8

For each alternative, take a weighted average of the values assigned to that alternative

Question 9

What is the seventh stage of the SMART process?

Answer 9

Make a provisional decision

Question 10

What is performed in the eighth stage of the SMART process?

Answer 10

Perform sensitivity analysis