Problem Recognition, Definition, and Evaluation
In the near future my sister is getting married. As a result of her getting married I was planning on spending additional time after the wedding with the family since I am rarely at home. A big part of my motivation was to spend additional time with my grandfather in my hometown. However, my grandfather has had some medical problems and won’t be attending the wedding or coming to my hometown. As staying in Las Vegas can be expensive, would be it better to go home early, go to NY to visit him and leave on the original ticket, or stay in Las Vegas the whole time?
Development of the feasible alternatives
- Go home early.
- Make an extra trip to New York to spend a week with my grandfather.
- Stay the entire trip in Las Vegas.
Develop Cash flows for each outcome
- If I was to go home early, I would shorten the trip by 1 week. I would have to pay $300 for changes to my reservation to the airline. However, I would save an additional $750 a day between hotel, rental car, and incidentals which leads to an estimated $400 in savings.
- To make the trip to New York, it would cost an estimated additional $1000 round trip. I wouldn’t incur any incidental fees, pay for a hotel, or need a rental car. This option would be $250 more expensive than staying in Las Vegas for the entire week.
- The cost of staying the entire trip in Las Vegas would equal $750 for the additional week.
Selection of the criterion
|Cost||2||Alternative 1 > Alternative 2 > Alternative 3|
|Time with Grandfather||1||Alternative 2 > Alternative 1 = 3|
|Time spent travelling||3||Alternative 1 = 3 > Alternative 2|
Analysis and comparison of the alternatives
As my grandfather isn’t feeling well it is important to me that I see him and spend time with him. Cost ranks high for me as I have practically no cash coming in and the trip is costly. Time spent travelling to me is irrelevant, but I know my wife can’t handle the flying as I can. However I know she ranks cost and time with my grandfather over the time spent travelling.
Selection of the preferred alternative
If I assigned points based on the outcome for each attribute with 3 points for winning the rank, 2 for second place, and 1 for last place this is how the score would come out.
Alternative 1: 7 points
Alternative 2: 6 points
Alternative 3: 5 points
Based on this method alternative 1, returning from the trip early is the preferred alternative.
Performance monitoring and post evaluation results
Based on the fact that lexicography was used to determine the winning alternative which gave higher preference to the higher scoring of the lower ranked attributes. If any other method of multi-attribute decision making was used, it is very likely that the alternative 2 would have been the preferred alternative.