[Sample B: Approval/Signature Sheet] - George Mason University

the payoffs of the latter are usually much greater. 36
Values should be defined prior to the alternatives. This method will push the DM
to think about what objectives are expected to be achieved in the decision context.
Identifying and structuring the objectives requires deep thought and, once this process is
completed, the DM will gain insight that will help to achieve the expected goals.
The strategic decision context comprises all the possible alternatives available to
the decision maker. Keeney emphasizes that ―the strategic objectives have to indicate the
essential reasons for being interested in a specific decision situation, as they indicate the
reasons for being interested in any decision situation.‖ 37
The strategic objectives are the ultimate objectives of the decision maker and all
other objectives must be means objectives to achieve it. Moreover, they should provide
common guidance to all decisions within the organization.
Keeney explains that once the set of objectives appropriate for the decision
situation is defined, the next step is to define the attributes for measuring the degree to
which these objectives are met. Next, he continues, there needs to be a general structure
to combine the various attributes in some proper manner. 38
In summary, VFT begins by identifying the DM‘s values in a hierarchy of
objectives. Then, the objectives are decomposed until a set of attributes can be specified
and measured. Weights are assigned to each objective in order to determine their relative
importance and finally all the measures are integrated. The output is the value or utility of
36 Ibid., 7.
37 Ibid., 67.
38 Ibid., 131.
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