The Concept of an Objective
Normative systems are characterized by the presence of an objective or goal. In this section, this concept will be further examined and defined. A starting point for a decision is the goal set, which is the set of all results, goal variables, or payoffs associated with the alternatives at the decision maker’s disposal.
KeywordsDecision Maker Cash Flow Feasible Region Preference Order Certainty Equivalent
Unable to display preview. Download preview PDF.