Value based decision models of management for complex systems
- Publication Type:
- Conference Proceeding
- IEEE International Engineering Management Conference, 2004, 3 pp. 1278 - 1283
- Issue Date:
Large Scale Complex Engineering Systems (LSCES), or Complex systems, and their development comprise many factors of influence, of which some are currently known, others not yet known, and some may never be fully understood. Given the very nature of, and operating difficulties in developing complex systems, often there are inconsistencies associated with providing an objective business case and in establishing a realistic (acquisition) program. The inconsistencies arise as a result of measurement difficulties in determining overall value in the presence of both "hard" and "soft" factors. The traditional approach and continued practice of allocating subjective weightings to each factor of interest also contributes to the problem of inconsistency. This paper provides a structural framework that establishes a measure of value through the application of Discrete Choice Methods. The methods are widely used to identify the decision making behaviour of individuals and organizations. This is achieved through considering relevant qualitative and quantitative factors or attributes that as a whole provide a measure of utility, and therefore value. Whilst there has been considerable success in the use of these models within the marketing and transportation domains, there has been little application toward their use in evaluating and assessing Competitively Tendered Contracts (CTC) for the acquisition of Complex Systems. © 2004 IEEE.
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