Multi-Criteria Decision Making: An Operations Research Approach (original) (raw)

An Analysis of Multi-Criteria Decision Making Methods

 Multi-Criteria Decision Making (MCDM) methods have evolved to accommodate various types of applications. Dozens of methods have been developed, with even small variations to existing methods causing the creation of new branches of research. This paper performs a literature review of common Multi-Criteria Decision Making methods, examines the advantages and disadvantages of the identified methods, and explains how their common applications relate to their relative strengths and weaknesses. The analysis of MCDM methods performed in this paper provides a clear guide for how MCDM methods should be used in particular situations.

Simultaneous Evaluation of Criteria and Alternatives (SECA) for Multi-Criteria Decision-Making

Informatica

In the discrete form of multi-criteria decision-making (MCDM) problems, we are usually confronted with a decision-matrix formed from the information of some alternatives on some criteria. In this study, a new method is proposed for simultaneous evaluation of criteria and alternatives (SECA) in an MCDM problem. For making this type of evaluation, a multi-objective non-linear programming model is formulated. The model is based on maximization of the overall performance of alternatives with consideration of the variation information of decision-matrix within and between criteria. The standard deviation is used to measure the within-criterion, and the correlation is utilized to consider the between-criterion variation information. By solving the multi-objective model, we can determine the overall performance scores of alternatives and the objective weights of criteria simultaneously. To validate the proposed method, a numerical example is used, and three analyses are made. Firstly, we analyse the objective weights determined by the method, secondly, the stability of the performance scores and ranking results are examined, and finally, the ranking results of the proposed method are compared with those of some existing MCDM methods. The results of the analyses show that the proposed method is efficient to deal with MCDM problems.

A Survey on Multi Criteria Decision Making Methods and Its Applications

Multi Criteria Decision Making (MCDM) provides strong decision making in domains where selection of best alternative is highly complex. This survey paper reviews the main streams of consideration in multi criteria decision making theory and practice in detail. The main purpose is to identify various applications and the approaches, and to suggest approaches which are most robustly and effectively useable to identify best alternative. This survey work also addresses the problem in fuzzy multi criteria decision making techniques. Multi criteria decision making have been applied in many domains. MCDM method helps to choose the best alternatives where many criteria have come into existence, the best one can be obtained by analyzing the different scope for the criteria, weights for the criteria and the choose the optimum ones using any multi criteria decision making techniques. This survey provides the comprehensive developments of various methods of FMCDM and its applications.

A Review of Mathematical Multi-Criteria Decision Models with A case study

IJRAR- International Journal of Research and Analytical Reviews, Vol.6, Special Issue, pp.111-124, 2019

Multi-Criteria Decision Making/Analysis (MCDM/MCDA) is a Core of Decision Theory, as an important field of Operational Research (OR) in Mathematics. Multi-Criteria Decision model is a technique that permits Decision Makers (DM) to make the best decision in the presence of multiple, potentially conflicting criteria. These MCDM methods have attracted much attention from Decision makers, academics, researchers and practitioners. Multi-Criteria Decision model is used to solve areas problems such as sciences, engineering, technology, economics, military strategies, business, supplier selection, Sports entity and many more. This MCDM is a Method of evaluating conflict real world situations, based on different quantitative, qualitative, criteria under risky, certain, uncertain environments. In this paper we have discussed the some well noted and discussed the results of Multi-Criteria Decision Making (MCDM) techniques with their classifications and characteristics. Moreover, we have compared few MCDM methods with a case study on IPL 2018. The main objective of this paper is multifold: First, to finds the applicability of MCDM methods in different situations by evaluating their relative strengths and weaknesses. Second, comparisons of MCDM methods using a case study. Our study concluded with an observation that the different Multi-Criteria Decision methods present different ranking for the same problem with same multiple attributes and same multiple alternatives although same decision maker. However, this paper does not claim that any method is better than other methods across all possible circumstances, but rather it emphasizes the importance of investigating different Multi-Criteria Decision-Making techniques to rank the decisions of each method and the importance of finding the most appropriate method for ranking the decisions in consideration of the decision-making conditions.

A New Data-driven and Knowledge-driven Multi-criteria Decision-making Method

Journal of AI and Data Mining, 2021

Multi-criteria decision-making (MCDM) methods have been received considerable attention for solving problems with a set of alternatives and conflict criteria in the last decade. Previously the MCDM methods have primarily relied on the judgment and knowledge of the experts for making decisions. This paper introduces a new data-and knowledge-driven MCDM method in order to reduce the experts' assessment dependence. The weight of the criteria is specified using the extended data-driven DEMATEL method. Then, the ranking of alternatives is determined through the knowledge-driven ELECTRE and VIKOR methods. All the proposed methods for weighting and rankings are developed under grey numbers for coping with the uncertainty. Finally, the practicality and applicability of the proposed method are proved by solving an illustrative example.

Multi Criteria Decision Making (MCDM) Methods and its applications

International Journal for Research in Applied Science and Engineering Technology

Multi Criteria Decision Making (MCDM) is the quantitative and qualitative method, problem has many solution but to find the solution and to get the appropriate decision regarding the solution is the application of MCDM. This paper gives the information about all the MCDM methods with the applications of maximum MCDM methods to various fields as per the literature. The aim is revel MCDM methods and their applications to understand the nature of MCDM for various problems. The utilization of MCDM to other field gives an idea for the new research area. The review helps to find the problems studied by different researcher and the solution they interpreted by using MCDM methods like ELECTRA, PROMETHEE, TOPSIS, AHP,GP etc. AHP, TOPSIS, MAUT were the most used methods but hybrid or integrated methods gives the solution for problem like location, finance, bankrupt, construction bridges, waste water and many more. This combination creates the new era in MCDM history.

On A Hybrid Approach for Treating Multi-Criteria Decision Making Problems

International Journal of Computer Applications, 2016

Multi-Criteria Decision-Making (MCDM) is one of the most widely used decision methodologies in the sciences, business, and engineering worlds. MCDM refers to screening, prioritizing, ranking or selecting the alternatives based on human judgment from among a finite set of alternatives in terms of multiple usually conflicting criteria. In this paper, we develop a new methodology for solving multi-Criteria decision-making problems. The hybrid between three methods are used, these methods are: Simple Multi-Attribute Rating Technique (SMART), ELimination Et Choix Traduisant la Realité (ELECTRE) and The Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS). The SMART method is applied to determinate the weights for each of the criteria to reflect its relative importance. Here, the ELECTRE method which based on the concept of an outranking relationship is used. Also, the TOPSIS method to rank all of the alternatives and to determine the best alternative is used. Finally, an illustrative numerical example is given to evaluate performance of the new developed methodology, where program system MATLAB is being used to obtain the results.

Special Issue “Recent Advances and Applications in Multi Criteria Decision Analysis”

Mathematics

Over the last few decades, Multi-criteria Decision Analysis (MCDA) techniques have been successfully applied to complex decision-making problems in a wide range of fields, such as economics, finance, logistics, environmental restoration, health or industrial organization, to name but a few, and imprecision and uncertainty have been incorporated into the decision-making process and applied to group decision-making contexts. [...]

DOE-MARCOS: A new approach to multi-criteria decision making

Journal of Applied Engineering Science

Choosing the best among the available alternatives seems to be expected in all fields. As each alternative is considered by multiple criteria, the selection of the best alternative must take into account all of those criteria. MCDMs are methods that have been widely used to solve problems of this type. However, if only a certain MCDM is applied, the ranking of alternatives must be done from the beginning as adding/removing one or more alternatives from the option list. This paper presents a probably new approach to deal with this situation. DOE method was used in combination with the MARCOS method to build a relationship between the scores of the options and the criteria. This mix is called DOE-MARCOS. Based on this, the calculation of the scores of the alternatives may be faster and less complicated than only using the MCDM. A simple example was made to evaluate the effectiveness of the proposed method when an alternative was added to the list. Two other examples were also conducte...

Multiple Criteria Decision Making

The process of multiple criteria decision-making (MCDM) has gained wide popularity in different sciences and applications. As the MCDM methods are much expanded most multiobjective optimization (MOO) problems in different disciplines can be classified on the basis of them. Real-life engineering optimization problems need MOO tools. These problems are highly non-linear. Thus MCDM Meanwhile the increasing number of involved components, variables, parameters, constraints and objectives in the process, has made the process very complicated. However the new generation of MOO tools has made the optimization process more automated, but still initializing the process and setting the initial value of simulation tools and also identifying the effective input variables and objectives in order to reach the smaller design space are still complicated. In this situation adding a preprocessing step into the MCDM procedure could make a huge difference in terms of organizing the input variables according to their effects on the optimization objectives of the system. The aim of this paper is to introduce the classification task of data mining as an effective option for identifying the most effective variables of the MCDM systems. To evaluate the effectiveness of the proposed method an example has been given for 3D wing design.