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Iteration is the act of repeating a process to generate a sequence of outcomes, with the aim of approaching a desired goal, target, or result. Each repetition of the process is also called an iteration . The results of one iteration are used as...
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Perhaps the most common "formal" approach to making a choice among alternatives is to list the pros and cons of each alternative. Certainly it would be wrong to calculate the net number of pros over cons for each alternative and then select the alt...
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Anchoring (or focalism) is a cognitive bias that describes the common human tendency to rely too heavily on the first piece of information offered (the "anchor") when making decisions. During decision-making, anchoring occurs when one uses an ini...
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Last Updated: 10/25/2021
in Allocate Comparion Resource Allocation helps you if you are deciding on a combination of actions to take, such as a portfolio of capital investments or models. The allocation step is a powerful way to determine an optimal combination of actions or investmen...
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Comparion includes a rich text editor for maintaining information documents. Information Documents can be useful to document the analysis in order to justify the decision (transparency). Information documents can also be used to inform evaluators ...
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A rule of thumb is a principle with broad application that is not intended to be strictly accurate or reliable for every situation. 1 It is based not on theory but on practical experience. FW Taylor, who is often called "The Father of Scientif...
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BOPSAT is decision-making by a B unch of P eople S itting A round T alking, which is a management practice of using sometimes inexperienced committee members to make important decisions. 1 Even though there may be considerable preparation ...
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A Sunk Cost is a cost that is incurred and can not be meaningfully recovered by any practical means. 1 For example, a business may have invested a million dollars in new hardware. This money is now gone and cannot be recovered, so it shouldn’t ...
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Last Updated: 02/26/2025
in Additional Information
Expert Choice has filed for patents to protect the following inventions. This listing includes pending patent applications and patents that have already been granted by the United States Patent and Trademark Office (USPTO). Publicati...
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The Endowment Effect , an emotional bias, is the hypothesis that people will value something they already own more than a similar item they don’t own. This happens even when there is no cause for attachment or even if the item was only obtained li...