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Multi-criteria Decision Making Methods

Multi-criteria Decision Making Methods
Author: Evangelos Triantaphyllou
Publisher: Springer Science & Business Media
Total Pages: 307
Release: 2013-03-09
Genre: Business & Economics
ISBN: 1475731574

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Multi-Criteria Decision Making (MCDM) has been one of the fastest growing problem areas in many disciplines. The central problem is how to evaluate a set of alternatives in terms of a number of criteria. Although this problem is very relevant in practice, there are few methods available and their quality is hard to determine. Thus, the question `Which is the best method for a given problem?' has become one of the most important and challenging ones. This is exactly what this book has as its focus and why it is important. The author extensively compares, both theoretically and empirically, real-life MCDM issues and makes the reader aware of quite a number of surprising `abnormalities' with some of these methods. What makes this book so valuable and different is that even though the analyses are rigorous, the results can be understood even by the non-specialist. Audience: Researchers, practitioners, and students; it can be used as a textbook for senior undergraduate or graduate courses in business and engineering.


Multi-criteria Decision Analysis

Multi-criteria Decision Analysis
Author: Alessio Ishizaka
Publisher: John Wiley & Sons
Total Pages: 260
Release: 2013-06-10
Genre: Mathematics
ISBN: 1118644913

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This book presents an introduction to MCDA followed by more detailed chapters about each of the leading methods used in this field. Comparison of methods and software is also featured to enable readers to choose the most appropriate method needed in their research. Worked examples as well as the software featured in the book are available on an accompanying website.


Multicriteria Decision-Making Under Conditions of Uncertainty

Multicriteria Decision-Making Under Conditions of Uncertainty
Author: Petr Ekel
Publisher: John Wiley & Sons
Total Pages: 368
Release: 2019-12-12
Genre: Technology & Engineering
ISBN: 1119534925

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A guide to the various models and methods to multicriteria decision-making in conditions of uncertainty presented in a systematic approach Multicriteria Decision-Making under Conditions of Uncertainty presents approaches that help to answer the fundamental questions at the center of all decision-making problems: "What to do?" and "How to do it?" The book explores methods of representing and handling diverse manifestations of the uncertainty factor and a multicriteria nature of problems that can arise in system design, planning, operation, and control. The authors—noted experts on the topic—and their book covers essential questions, including notions and fundamental concepts of fuzzy sets, models and methods of multiobjective as well as multiattribute decision-making, the classical approach to dealing with uncertainty of information and its generalization for analyzing multicriteria problems in condition of uncertainty, and more. This comprehensive book contains information on "harmonious solutions" in multiobjective problem-solving (analyzing “i>X, F> models), construction and analysis of “i>X, R/i” models, results aimed at generating robust solutions in analyzing multicriteria problems under uncertainty, and more. In addition, the book includes illustrative examples of various applications, including real-world case studies related to the authors’ various industrial projects. This important resource: Explains the design and processing aspect of fuzzy sets, including construction of membership functions, fuzzy numbers, fuzzy relations, aggregation operations, and fuzzy sets transformations Describes models of multiobjective decision-making (“i>X. M/i” models), their analysis on the basis of using the Bellman-Zadeh approach to decision-making in a fuzzy environment, and their diverse applications, including multicriteria allocation of resources Investigates models of multiattribute decision-making (“i>X, R/i” models) and their analysis on the basis of the construction and processing of fuzzy preference relations as well as demonstrating their applications to solve diverse classes of multiattribute problems Explores notions of payoff matrices and fuzzy-set-based generalization and modification of the classic approach to decision-making under conditions of uncertainty to generate robust solutions in analyzing multicriteria problems Written for students, researchers and practitioners in disciplines in which decision-making is of paramount relevance, Multicriteria Decision-Making under Conditions of Uncertainty presents a systematic and current approach that encompasses a range of models and methods as well as new applications.


Multiple Criteria Decision Analysis for Industrial Engineering

Multiple Criteria Decision Analysis for Industrial Engineering
Author: Gerald William Evans
Publisher: CRC Press
Total Pages: 304
Release: 2016-12-01
Genre: Technology & Engineering
ISBN: 1498739857

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This textbook presents methodologies and applications associated with multiple criteria decision analysis (MCDA), especially for those students with an interest in industrial engineering. With respect to methodology, the book covers (1) problem structuring methods; (2) methods for ranking multi-dimensional deterministic outcomes including multiattribute value theory, the analytic hierarchy process, the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), and outranking techniques; (3) goal programming,; (4) methods for describing preference structures over single and multi-dimensional probabilistic outcomes (e.g., utility functions); (5) decision trees and influence diagrams; (6) methods for determining input probability distributions for decision trees, influence diagrams, and general simulation models; and (7) the use of simulation modeling for decision analysis. This textbook also offers: · Easy to follow descriptions of how to apply a wide variety of MCDA techniques · Specific examples involving multiple objectives and/or uncertainty/risk of interest to industrial engineers · A section on outranking techniques ; this group of techniques, which is popular in Europe, is very rarely mentioned as a methodology for MCDA in the United States · A chapter on simulation as a useful tool for MCDA, including ranking & selection procedures. Such material is rarely covered in courses in decision analysis · Both material review questions and problems at the end of each chapter . Solutions to the exercises are found in the Solutions Manual which will be provided along with PowerPoint slides for each chapter. The methodologies are demonstrated through the use of applications of interest to industrial engineers, including those involving product mix optimization, supplier selection, distribution center location and transportation planning, resource allocation and scheduling of a medical clinic, staffing of a call center, quality control, project management, production and inventory control,and so on. Specifically, industrial engineering problems are structured as classical problems in multiple criteria decision analysis, and the relevant methodologies are demonstrated.


Trends in Multiple Criteria Decision Analysis

Trends in Multiple Criteria Decision Analysis
Author: Salvatore Greco
Publisher: Springer Science & Business Media
Total Pages: 421
Release: 2010-09-10
Genre: Business & Economics
ISBN: 1441959041

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Multiple Criteria Decision Making (MCDM) is the study of methods and procedures by which concerns about multiple conflicting criteria can be formally incorporated into the management planning process. A key area of research in OR/MS, MCDM is now being applied in many new areas, including GIS systems, AI, and group decision making. This volume is in effect the third in a series of Springer books by these editors (all in the ISOR series), and it brings all the latest developments in MCDM into focus. Looking at developments in the applications, methodologies and foundations of MCDM, it presents research from leaders in the field on such topics as Problem Structuring Methodologies; Measurement Theory and MCDA; Recent Developments in Evolutionary Multiobjective Optimization; Habitual Domains and Dynamic MCDM in Changeable Spaces; Stochastic Multicriteria Acceptability Analysis; and many more chapters.


Multi-Criteria Decision Analysis

Multi-Criteria Decision Analysis
Author: Igor Linkov
Publisher: CRC Press
Total Pages: 206
Release: 2011-10-24
Genre: Business & Economics
ISBN: 1439853185

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Environmental management is often complicated and multidisciplinary and the issues that arise can be difficult to solve analytically. Often, decision makers take ad hoc approaches, which may result in the ignoring of important stakeholder opinions or decision criteria. Multi-criteria decision analysis (MCDA) provides a framework by which these types of decisions can be made but, despite being used effectively in many fields, it is not often used in environmental management. Given the novelty and inherent applicability of this decision making framework to the environmental field, there is a need for more teaching tools for MCDA. In particular, there is a need for a case study based approach to help readers navigate the many MCDA methods and decide how to apply them to a specific case. Through a collection of case studies, Multi-Criteria Decision Analysis: Environmental Applications and Case Studies gives readers the tools to apply cutting-edge MCDA methods to their own environmental projects. It offers an overview of the types of MCDA available and a conceptual framework of how it is applied, with the focus on its applicability for environmental science. Taking an in-depth look at the case of sediment management, the book introduces different steps of MCDA processes—from problem formulation and model development to criteria weighing and alternative scoring. The authors then explore the case using various MCDA methods, which allows readers to see clearly how the methodologies differ and gain a better understanding of the mechanistic operation of the analysis. A series of case studies in nanotechnology collectively demonstrate the application of MCDA in situations of high variability and uncertainty that require the integration of technical information and expert judgment—an area where MCDA clearly shines. The authors describe multiple decisions—from risk classification to value of information analysis to the assessment of potential research and funding investments—that readers may face in dealing with emerging environmental threats. Demonstrating the broad applicability of MCDA methods for different types of cases, the book presents a series of case studies ranging from oyster restoration to oil spill response. In conjunction with these cases, the book also provides corresponding decision models that are implemented by the DECERNS software and allow users to examine the same case using multiple MCDA tools. The DECERNS software and models are available for download at www.crcpress.com. Intended both as a research and teaching tool, this book inspires creative thinking when applying MCDA to complicated environmental issues.


Simplified Approaches for Multi-criteria Decision Making Under Uncertainty

Simplified Approaches for Multi-criteria Decision Making Under Uncertainty
Author: Theodor J. Stewart
Publisher:
Total Pages: 14
Release: 1993
Genre: Operations research
ISBN:

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Abstract: "The problem of uncertainty in the outcome of decisions has tended to be glossed over by many MCDM methods, with the exception of multiattribute utility theory (MAUT). MAUT does, however, require quite complicated preference elicitations and knowledge of the full multivariate distribution of outcomes. We demonstrate in this paper, by means of a series of simulation studies, that the preference orderings of MAUT are only minimally changed when using a simple additive aggregation of marginal utilities, especially in relation to the natural imprecisions inherent in preference elicitation. It is shown in the simulations that by far the most critical aspect of multicriteria decision analysis under uncertainty is not the form of aggregation, but the correct elicitation of marginal utilities which properly represent decision maker preferences over gambles. We relate the results obtained here to other results on the approximation of distributions by 3- or 5-point discrete distributions, and suggest that the use of deterministic MCDM methods of any form (not necessarily value function techniques), applied to an extended formulation in which each criterion measure is repeated for 3 or 5 'scenarios', is well justifiable."


Multiple Criteria Decision Analysis

Multiple Criteria Decision Analysis
Author: Valerie Belton
Publisher: Springer Science & Business Media
Total Pages: 381
Release: 2012-12-06
Genre: Business & Economics
ISBN: 1461514959

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The field of multiple criteria decision analysis (MCDA), also termed multiple criteria decision aid, or multiple criteria decision making (MCDM), has developed rapidly over the past quarter century and in the process a number of divergent schools of thought have emerged. This can make it difficult for a new entrant into the field to develop a comprehensive appreciation of the range of tools and approaches which are available to assist decision makers in dealing with the ever-present difficulties of seeking compromise or consensus between conflicting inter ests and goals, i.e. the "multiple criteria". The diversity of philosophies and models makes it equally difficult for potential users of MCDA, i.e. management scientists and/or decision makers facing problems involving conflicting goals, to gain a clear understanding of which methodologies are appropriate to their particular context. Our intention in writing this book has been to provide a compre hensive yet widely accessible overview of the main streams of thought within MCDA. We aim to provide readers with sufficient awareness of the underlying philosophies and theories, understanding of the practi cal details of the methods, and insight into practice to enable them to implement any of the approaches in an informed manner. As the title of the book indicates, our emphasis is on developing an integrated view of MCDA, which we perceive to incorporate both integration of differ ent schools of thought within MCDA, and integration of MCDA with broader management theory, science and practice.


Multiple Criteria Decision Analysis: State of the Art Surveys

Multiple Criteria Decision Analysis: State of the Art Surveys
Author: Salvatore Greco
Publisher: Springer Science & Business Media
Total Pages: 1063
Release: 2006-01-20
Genre: Business & Economics
ISBN: 0387230815

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Multiple Criteria Decision Analysis: State of the Art Surveys provides survey articles and references of the seminal or state-of-the-art research on MCDA. The material covered ranges from the foundations of MCDA, over various MCDA methodologies (outranking methods, multiattribute utility and value theories, non-classical approaches) to multiobjective mathematical programming, MCDA applications, and software. This vast amount of material is organized in 8 parts, with a total of 25 chapters. More than 2000 references are listed.