Question

1. What is the difference conceptually between a choice based on the maximization of a single objective versus a choice based on maximization with two or more objectives? In each case, what role do tradeoffs play in making the choice?

Answer 1

When choices ar ebased on maximisation of single objective as against two or more objectives, the results are biased and converge to single entity with higher weightage and the maximisation ignores other variables which play dominant factor in deciding the future outcomes as well as factors out volatility and deviation of other objectives which thus gives lower accuracy when single objectives are chosen for maximisation.

However cost and delay associated for maximisation of single objective is low as against multiple objectives which thus is positive sign and hence the tradeoff between both objectives arise about accuracy and cost associated with tgem.