A NEW decision-making tool designed by researchers at the University of Portsmouth has been praised for its potential contribution to business.
Dr Alessio Ishizaka, Dr Philippe Nemery and colleagues won the Outstanding Paper Award for the Literati Network Awards for Excellence 2013.
Their research on sorting methods used by decision makers in all sectors including finance, the environment, marketing and medical diagnosis, has the potential to help improve the results of complex decisions.
The research is published in the Journal of Modelling Management.
They examined 20 small and medium-sized businesses in France to assess the quality of their decisions and the success of each business.
Dr Ishizaka, an expert in decision analysis, said: ‘This new model allows us to understand each company compared to its competitors.
‘Existing models give flatter results, for example, ranking companies from best to worst, even if all the companies are performing poorly, and with no detail on which aspects were needing attention and which were being managed well.
‘In our case study, we could see immediately, once analysis was done, that even the best-ranked company still had room for improvement.
‘That sort of detailed information is of significant help to anyone whose job is to make the best decisions, whether they are in finance, medicine or any other sector.’