Comparison of the Performances of MCDM Methods under Uncertainty: An Analysis on Bist SME Industry Index

Abstract

MCDM is a sort of ranking and selection methodology widely used both in daily life and in disciplines such as social, science, health, informatics, and engineering. However, the selection of an appropriate MCDM method is a common and chronic problem of these disciplines. Because the issue of determining the most appropriate method among MCDM methods has not been clarified yet. Since the algorithms of more than a hundred MCDM methods currently that are in use are different, the ranking they produce or the "best alternative" often varies. Although all these methods claim to suggest the best alternative, it is unclear which method should be chosen for the decision maker. In fact, it can be said that input capabilities are focused more in the selection of MCDM methods. On the other hand, besides the potential capabilities of MCDM methods, the results they produce are also important in comparison. In this direction, MCDM-based financial performance measurement of companies was made in this study. The performance of WSA and FUCA methods was evaluated according to Spearman rho and entropy values. Accordingly, the method with the highest capacity is clearly FUCA, because this method showed a clearly higher performance in 10 of 12 problems/terms according to both criteria.

Combined PIPRECIA method and modified FUCA method for selection of lathe

“…It has also been confirmed to be superior to TOPSIS when used in multi-criteria decision making in the selection of chemical manufacturing processes [31]. In research [32], when used to evaluate the financial performance of companies, FUCA was confirmed to be equivalent to the PROMETHEE method, and better than COPRAS, TOPSIS, SAW, CODAS, and MOORA. When used in another study on evaluating the financial performance of companies, FUCA was also found to be as effective as the PROMETHEE method, and better than the TOPSIS, GRA, S-, WSA, SAW, COPRAS, MOORA, and LINMAP [33].…”

Assessment of consolidative multi-criteria decision making (C-MCDM) algorithms for optimal mapping of polymer materials in additive manufacturing: A case study of orthotic application

“…The comparative analysis evaluates the ranks that are obtained from various C-MCDM approaches using three similarity metrics, including SRC, WRC, and RSC [ [107] , [108] , [109] , [110] ]. This analysis is necessary to determine whether the two rankings are consistent or unreliable and to decide whether the order of the rankings is valid.…”

Comparision of both methods psi and curli: applied in solving multi-objective optimization problem of turning process

“…The FUCA (Faire Un Choix Adéquat) method has been identified as superior to the WSA (Weighted Sum Approach) method for finding optimal solutions for the financial use of companies [1]. The TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) me thod has been determined to outperform the MOORA (Multiobjective Optimization On the basis of Ratio…”