(186d) A Systematic Approach to Resource Management | AIChE

(186d) A Systematic Approach to Resource Management


Kalos, A. - Presenter, The Dow Chemical Company

This paper will present an approach for the systematic evaluation of alternatives. The process begins with members of a panel independently and privately ranking the alternatives as well as providing a measure of their own familiarity with each alternative. Various statistical and clustering techniques are used to analyze the data and to generate a ranked list of the alternatives reflecting the collective assessment. Statistical metrics are provided that help determine consistency in the evaluations as well as detect any biases and other anomalies in individual panelist assessments or in the objects under evaluation. This methodology can be applied to project selection as well to performance evaluation. It offers the advantage that it removes skewness that might result from a highly dominant player influencing the group and is thus a more streamlined and more objective process.