The class project is an opportunity for you to work on a problem of your own choosing. You can select a difficult decision or you could engage in a market research-based application (e.g. new product development). The objective is for you is to use 1000minds Decision Making Software to apply the techniques of Multi-Criteria Decision-Making and Conjoint Analysis.
You can check out some examples of other student projects on the research projects page. Simply scroll down to “Colorado State University-Pueblo” and “University of Otago MBA”.
Key components of your project should include:
- ‘Frame’ the decision-making problem or issue being addressed (e.g. see the flow-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.
- Discuss your results & analysis in a well-written report.
- Present your project to the class.(optional)
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.)