This project involves working on your own or in a group on a problem of your own choosing – from your professional or personal life – that centres on making a decision or performing a Conjoint Analysis.
The objective is for you to apply the tools and techniques of Multi-Criteria Decision-Making (MCDM, also known as Multi-Criteria Decision Analysis, MCDA) or Conjoint Analysis, as implemented using 1000minds software. If appropriate, you might also like to apply things you’re learning in other courses you’re taking.
For illustration purposes, examples of other student’s projects are listed on the research projects page, and scroll down to “Colorado State University-Pueblo” and “University of Otago MBA”.
Key components of your project should include (and other things too perhaps – it’s up to you!):
- ‘Frame’ the decision-making problem or issue being addressed (e.g. see the diagram below), such as:
What are the characteristics of the problem?
What is it that you’re trying to decide (or discover)?
What are the alternatives being considered?
Why is the decision important or interesting?
Who are the key decision-makers?
What might the results be used for? etc
- Use 1000minds to work on the particular problem or application you have identified.
- Report and discuss your analysis and results in a well-presented and well-written report. (Optional: present your project to the class.)
Alternatively, instead of a decision-making application, you might like to engage in a market-research application involving Conjoint Analysis – e.g. new product development, designing a marketing strategy, market segmentation (clustering), etc.
The process of Multi-Criteria Decision-Making
Depending on your application, decision-making processes typically include several stages and feedback loops. 1000minds is especially useful at the “Model building” and “Challenging thinking” stages.
(Reproduced from Belton & Stewart, 2002, Multiple Criteria Decision Analysis: An Integrated Approach.)