William T. Morris

The rationalization of industrial decision processes

William T. Morris: The Rationalization of Industrial Decision Processes (Engineering Experiment Station Bulletin No. 163). Columbus, USA: Ohio State University, 1957. Pp. iv + 117.

Value Clarification: An Engineering Approach

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Application of Linear Programming To Financial Budgeting and The Costing Of Funds

Abstract In multi-attribute and multi-criterion situations, decision makers often appear to experience considerable difficulties when asked to express explicit preferences. The engineering approach suggests that it may be useful to sacrifice some rigor, to make client uncertainty about preferences explicit by encoding it in the form of random variables, and to concentrate on the problem of value clarification as opposed to value explication. The reasonable tolerance of value uncertainty, and the amount of effort which may be devoted to value clarification are examined. The problem of finding methods with which to assist clients in becoming clearer about their preferences is discussed.

On the Art of Modeling

This is a classic study, by the “Old Masters”, of the method-centered approach to management problems. It demonstrates once again the extraordinary power of the linear-programming framework, in dealing with complex business-decision problems. Students of the capital-budgeting process will find it filled with insights, and highly suggestive. It may eventually become the established basis for a revised conception of the interaction between financial planning and the economic analysis of engineering projects.