Personal Financial Planning with respect to Client`s Goals and Preferences


Personal Financial Planning with respect to Client`s Goals and Preferences

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Oliver Braun
BIT 1/2008
11 Seiten

Personal Financial Planning (PFP) is the preparation of target-oriented decisions concerning assets, incomes, and expenses. As people have different preferences for different financial goals, and the goals are flexible, PFP is a Multicriteria Decision Making (MCDM) problem that is often addressed by trial calculations under different scenarios. In this paper, we consider the Expenses problem of PFP and provide an MCDM model to derive a Finance plan that maximizes the value of the expenses for a decision maker with respect to height and type preferences. Specifically, we show how the problem can be solved through a Goal Programming approach where the weights for the Goal Program are determined with the help of the Analytic Hierarchy Process.
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