Screening and Sufficiency in Multiobjective Decision Problems With Large Alternative Sets

<p>Portfolio selection problems with combinatorially-large alternative sets can be impossible to evaluate precisely on a reasonable timescale. When portfolios require complex modeling for performance assessment prohibitive computational processing times can result. Eliminating a small number of alternatives through an intelligent screening process can greatly reduce the number of alternative combinations thereby decreasing a problem's evaluation time and cost. A methodology was developed for the class of hierarchical portfolio selection problems in which multiple objectives are all judged on the same sub-objectives. First a novel capability-based alternative screening process was devised to identify and remove poor alternatives thereby reducing the number of portfolios. Then a performance-based portfolio screening process was explored to estimate portfolio sufficiency according to the performance requirements of the decision maker. Following the establishment of a set of sufficient portfolios the analyst can employ higher resolution post-analysis methods to choose a final solution. Finally the methodology was applied to a portfolio selection problem in which the United States Strategic Command attempts to select an ideal mix of intelligence surveillance and reconnaissance assets. After deconstructing the actual objective hierarchy a set of representative alternatives were evaluated and a variety of screening procedures were applied to demonstrate significant reduction in the number of possible portfolios.</p><p>This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact and remains as true to the original work as possible. Therefore you will see the original copyright references library stamps (as most of these works have been housed in our most important libraries around the world) and other notations in the work.</p><p>This work is in the public domain in the United States of America and possibly other nations. Within the United States you may freely copy and distribute this work as no entity (individual or corporate) has a copyright on the body of the work.</p><p>As a reproduction of a historical artifact this work may contain missing or blurred pages poor pictures errant marks etc. Scholars believe and we concur that this work is important enough to be preserved reproduced and made generally available to the public. We appreciate your support of the preservation process and thank you for being an important part of keeping this knowledge alive and relevant.</p>