Strategic Points to Minimize Time Cost for Decision Making under Asynchronous Time Constraints
The continued growth in Web-based services supporting time-critical decision making in such as e-auction, e-bidding, e-democracy, e-negotiation demands an effective way to manage time constraints. In this study, we discuss a theory on a decision making process under time constraints which are uncommon among two decision makers. The problem on a time constraint is to evaluate time cost or the value of the entire duration of a decision making process. We define time cost by introduction of opportunity cost to its evaluation. We then propose three sets of strategic points to minimize time cost for two decision makers under uncommon time constraints. With those strategic points, decision makers accelerate time-critical decision making by 1.5 times rather than a generally accepted heuristic point of half the entire time of a decision making process.
KeywordsDecision Maker Time Constraint Opportunity Cost Half Time Entire Duration
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