Trade-off analysis
Trade-off analysis explores the cost of relaxing one goal in order to achieve an increase in another goal. A classic trade-off situation is the reduction of sustainable wood supply resulting from retaining old-growth forests. The goal programming framework in Patchworks is an ideal tool to conduct trade-off analysis: it’s as easy as adjusting the weight values associated with each goal. These weights assign the priority that each goal has relative to the others. Simply run the Patchworks model several times with varying weight values to map out the alternate levels of production between different targets.
With its support for scripting, Patchworks makes trade-off analysis fast and efficient. Patchworks provide a batch modeling framework to easily assemble parameters representing alternate management policies from a suite of simple code components. This modeling framework provides a self-documenting system to record modeling parameters and makes setting up and running multiple scenarios easy and less prone to error. If datasets change and scenarios need to be rerun, the modeling framework eliminates guesswork and saves time.
It is a way to quantify consumer’s values associated with different product attributes using multivariate techniques. Participants compare products to establish preferences and can then explain the importance of different attributes. Also, functional brands benefit more from conjoint analysis than do fashionable brands as the analysis relies on utility theory and consumer rationality. There are several conjoint analysis tools.
