Multicriteria decision making
Decisions are usually based on multiple criteria. You have to trade off between criteria. I’ve been involved many such decisions over the last 5 years. Example 1: A conglomerate wanted to identify industries for growth. We shortlisted 19 industries, identified 12 criteria for the attractiveness of an industry, researched each one and plotted them on spidergraphs like below. The intention was that, to identify the most favourable industries, you’d just pick the ones with the largest filled area. ...