The Probable Lowest-Cost Alternative According to Borda

Abstract

Abstract Exact Probabilities by Simulation, a method introduced by Book (2010a) for determining which candidate in a trade study is the probable lowest-cost alternative, is extended to ensure that all available data generated are used. The Borda Count, the only “non-dictatorial” positional voting method that satisfies the criteria for a rational decision procedure while using the complete information, is then applied to determine the rank ordering of the alternatives. The extended method, called “Exact Probabilities by Simulation with Borda,” gives the most reliable outcome; it yields a ranking that easily blends with those based on other criteria to select the best alternative in a trade study.