Multi Criteria Decision Making

Abstract

'Decision Making is the act of choosing between two or more courses of action'. However, it must always be remembered that there may not always be a 'correct' decision among the available choices. There may have been a better choice that had not been considered, or the right information may not have been available at the time. Multiple-criteria evaluation problems consist of a finite number of alternatives, explicitly known in the beginning of the solution process. In Multiplecriteria design problems (multiple objective mathematical programming problems) the alternatives are not explicitly known. An alternative (solution) can be found by solving a mathematical model. The number of alternatives is either infinite or not countable (when some variables are continuous) or typically very large if countable (when all variables are discrete). But both kind of problems are considered as a subclasses of Multi Criteria Decision Making problems. The MCDM problems can also be divided into two major classes with respect to the way the weights of the alternatives are determined: Compensatory and Outranking Decision Making. The example of the former is Analytical hierarchy Process (AHP) and the latter is ELimination and Choice Expressing Reality (ELECTRE). The basic working principle of any MCDM method is same: Selection of Criteria, Selection of Alternatives, Selection of Aggregation Methods and ultimately Selection of Alternatives based on weights or outranking.Keywords Fuzzy decision making Á Analytical hierarchy process Á Outranking methods Á Decision making in water resources 2.1 Definition MCDM or MCDA are well-known acronyms for multiple-criteria decision-making and multiple-criteria decision analysis. MCDM is concerned with structuring and solving decision and planning problems involving multiple criteria. The purpose is to support decision makers facing such problems. Typically, there does not exist a

Flood Risk Mapping Using GIS and Multi-Criteria Analysis: A Greater Toronto Area Case Study

“…In MCDM, there are different methods for assessing criterion weights: entropy, ranking, rating, trade-off analysis, and pairwise comparison, among others [9]. The Analytic Hierarchy Process (AHP) proposed by Saaty [10] is one of the most common MCDM methods, and it has been widely applied to solve decision-making problems related to water resources [11]. The purpose of AHP is providing decision makers with the decision, among different alternatives and criteria, that best suits their goal [11,12].…”

“…The Analytic Hierarchy Process (AHP) proposed by Saaty [10] is one of the most common MCDM methods, and it has been widely applied to solve decision-making problems related to water resources [11]. The purpose of AHP is providing decision makers with the decision, among different alternatives and criteria, that best suits their goal [11,12]. This method compares two criteria at a time through a pairwise comparison matrix, in which values of relative importance from one criterion over another criterion are assigned.…”

“…The standardized scale of relative importance ranges between 1 and 9, where 1 is equal importance, and 9 is extreme importance (the details are provided in Table 6). AHP has been used worldwide in a wide range of fields such as industry, education, transportation, and healthcare, among others, especially due to its application in group decision making [11]. Table 6.…”

A decision support system for software technology selection

“…The DSS is a tool that can be used over the full life-cycle and can co-evolve its advice based on evolving requirements. The DSS applies the six-step decision-making process (Majumder, 2015) to build maintainable and evolvable decision models for MCDM problems, and makes the knowledge acquisition more reliable and trustful. The sets of criteria and alternatives plus the relationship among them for an MCDM problem can be up-to-date and regularly manipulated without having impacts on the validity of its decision model.…”

An Application of Multi Criteria Decision Making: Ranking of School Success

“…Multicriteria decision making is a wellknown concept that aims to select the best solution among several alternatives in decision making. The basic working principle of any MCDM method is same: Selection of Criteria, Selection of Alternatives, Selection of Aggregation Methods and ultimately Selection of Alternatives based on weights or outranking [3]. Some of the multi criteria decision making methods are as follows: Analytical Hierarchy Process (AHP), Fuzzy Multi Criteria Decision Making Process, ELECTRE Method, Preference Ranking Organization Method for Enrichment of Evaluations, The TOPSIS Method.…”