Modified Weighted Sum Method for Decisions with Altered Sources of Information (original) (raw)

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.

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.

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.

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.

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.

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...

Multi-Criteria Decision Making: An Operations Research Approach

The core of operations research is the development of approaches for optimal decision making. A prominent class of such problems is multi-criteria decision making (MCDM). The typical MCDM problem deals with the evaluation of a set of alternatives in terms of a set of decision criteria. This paper provides a comprehensive survey of some methods for eliciting data for MCDM problems and also for processing such data.

A Novel Multi-Criteria Decision Analysis Technique Considering Various Essential Characteristics

2021

This paper has proposed a novel Multi-Criteria Decision Analysis (MCDA) technique that considers relationships among the criteria, relationships among the alternatives, relationships among the criteria and the alternatives, the uncertainty or dilemma that the decision makers face in their decision making, the entropy among the criteria. The dilemma of the decision makers has been captured through the use of Hesitant Fuzzy Elements; the information content among the criteria has been captured by applying the concept of entropy through the application of a technique called IDOCRIW. A kind of sensitivity analysis has been performed to verify the effectiveness of the proposed technique. The proposed method has also been compared with four different types of already existing MCDA techniques, AHP, MAUT, MACBETH and MOORA. Both the sensitivity analysis and the comparison with other methods establish the effectiveness of the proposed technique.

A Review of Decision Making Using Multiple Criteria

Springer, Cham, 2021

Fuzzy decision making includes decision making in dynamic and unpredictable situations where data can be analyzed with flexible processes and collection of details. Fuzzy sets out methods to manage uncertainty and vagueness in decision taking by applying deterministic multi-criteria decision making (MCDM). During past decades, the classical fuzzy sets have been suggested to generalize various kinds of imprecise and subjective data. Multilevel decision-making approaches tackle the autonomous control problems of collaborative decision-making organizations distributed over a multilevel hierarchy. Significant attempts have been made to understand basic principles and to develop complex solution algorithms for researchers both in the fields of mathematics and computer science and in industry. Researchers have highlighted the importance of using a number of multilevel decision-making methods to solve a wide variety of problems in administration and optimization of real-world environments ...