IDEAS home Printed from https://ideas.repec.org/a/inm/orinte/v31y2001i5p74-92.html
   My bibliography  Save this article

The Value of Decision Analysis at Eastman Kodak Company, 1990-1999

Author

Listed:
  • Robert T. Clemen

    (Fuqua School of Business, Duke University, Durham, North Carolina 27708)

  • Robert C. Kwit

    (Eastman Kodak Company, 155 Port View Circle, Rochester, New York 14617-1468)

Abstract

Because of the one-time nature of typical decision-analysis projects, organizations often have difficulty identifying and documenting their value. Based on Eastman Kodak Company's records for 1990 to 1999, we estimated that decision analysis contributed around a billion dollars to the organization over this time. The data also reflect the many roles decision analysis can play. Aside from its monetary benefits, it promotes careful thinking about strategies and alternatives, improved understanding and appreciation of risk, and use of systematic decision-making principles.

Suggested Citation

  • Robert T. Clemen & Robert C. Kwit, 2001. "The Value of Decision Analysis at Eastman Kodak Company, 1990-1999," Interfaces, INFORMS, vol. 31(5), pages 74-92, October.
    • Handle: RePEc:inm:orinte:v:31:y:2001:i:5:p:74-92
    DOI: 10.1287/inte.31.5.74.9655
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.1287/inte.31.5.74.9655
    Download Restriction: no
    File URL: https://libkey.io/10.1287/inte.31.5.74.9655?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Robert C. Nickerson & Dean W. Boyd, 1980. "The Use and Value of Models in Decision Analysis," Operations Research, INFORMS, vol. 28(1), pages 139-155, February.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Baker, Erin & Chon, Haewon & Keisler, Jeffrey, 2009. "Advanced solar R&D: Combining economic analysis with expert elicitations to inform climate policy," Energy Economics, Elsevier, vol. 31(Supplemen), pages 37-49.
    2. Martin S. Schilling & Nadine Oeser & Cornelius Schaub, 2007. "How Effective Are Decision Analyses? Assessing Decision Process and Group Alignment Effects," Decision Analysis, INFORMS, vol. 4(4), pages 227-242, December.
    3. Rex Brown, 2005. "The Operation Was a Success but the Patient Died: Aider Priorities Influence Decision Aid Usefulness," Interfaces, INFORMS, vol. 35(6), pages 511-521, December.
    4. Donald L. Keefer & Craig W. Kirkwood & James L. Corner, 2004. "Perspective on Decision Analysis Applications, 1990–2001," Decision Analysis, INFORMS, vol. 1(1), pages 4-22, March.
    5. James E. Smith & Robert L. Winkler, 2006. "The Optimizer's Curse: Skepticism and Postdecision Surprise in Decision Analysis," Management Science, INFORMS, vol. 52(3), pages 311-322, March.
    6. Ralph L. Keeney, 2004. "Making Better Decision Makers," Decision Analysis, INFORMS, vol. 1(4), pages 193-204, December.
    7. Guo, Peijun & Li, Yonggang, 2014. "Approaches to multistage one-shot decision making," European Journal of Operational Research, Elsevier, vol. 236(2), pages 612-623.
    8. Baker, Erin & Solak, Senay, 2011. "Climate change and optimal energy technology R&D policy," European Journal of Operational Research, Elsevier, vol. 213(2), pages 442-454, September.
    9. Ana Sofia Morais & Wasilios Hariskos, 2018. "Academic coaching and decision analysis: Ways of deciding whether to pursue an academic career," PLOS ONE, Public Library of Science, vol. 13(11), pages 1-18, November.
    10. Rex V. Brown, 2006. "Making decision research useful - not just rewarding," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 1, pages 162-173, November.
    11. repec:cup:judgdm:v:1:y:2006:i::p:162-173 is not listed on IDEAS
    12. Pekka Mild & Ahti Salo, 2009. "Combining a Multiattribute Value Function with an Optimization Model: An Application to Dynamic Resource Allocation for Infrastructure Maintenance," Decision Analysis, INFORMS, vol. 6(3), pages 139-152, September.
    13. Baker, Erin & Keisler, Jeffrey M., 2011. "Cellulosic biofuels: Expert views on prospects for advancement," Energy, Elsevier, vol. 36(1), pages 595-605.
    14. Jeffrey Keisler, 2004. "Value of Information in Portfolio Decision Analysis," Decision Analysis, INFORMS, vol. 1(3), pages 177-189, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Omar Besbes & Robert Phillips & Assaf Zeevi, 2010. "Testing the Validity of a Demand Model: An Operations Perspective," Manufacturing & Service Operations Management, INFORMS, vol. 12(1), pages 162-183, June.
    2. Tseng, Chiu-Che & Gmytrasiewicz, Piotr J., 2006. "Real-time decision support and information gathering system for financial domain," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 363(2), pages 417-436.
    3. den Boer, Arnoud V. & Sierag, Dirk D., 2021. "Decision-based model selection," European Journal of Operational Research, Elsevier, vol. 290(2), pages 671-686.
    4. James E. Smith & Robert L. Winkler, 2006. "The Optimizer's Curse: Skepticism and Postdecision Surprise in Decision Analysis," Management Science, INFORMS, vol. 52(3), pages 311-322, March.

    More about this item

    Keywords

    DECISION ANALYSIS—APPLICATIONS;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:inm:orinte:v:31:y:2001:i:5:p:74-92. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Asher (email available below). General contact details of provider: https://edirc.repec.org/data/inforea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.