Multi-criteria Decision Making Methods


Book Description

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.




Electre and Decision Support


Book Description

ELECTRE and Decision Support focuses on the areas of engineering and infrastructure investment. It begins with some general comments about the different decision components within the project planning process - the definition of objectives, the identification of alternative courses of action, the establishing of criteria, the evaluation of alternatives and the final recommendation. The authors highlight the ability of Multicriteria Decision Aid to reconcile the economic, technical and environmental dimensions of the projects for its planners. They emphasize the complexity of this process, illustrating the importance of identifying the stakeholders within it, as they greatly influence the definition of the decision criteria. A brief case study illustrates these different aspects. Following a comparison of Cost Benefit Analysis and Multicriteria Decision Aid, the introductory chapter sets out the structure of the book, with four subsequent chapters devoted to the methodology of ELECTRE and three outlining case studies involving different versions of ELECTRE. The chapters concentrating on the ELECTRE methodology first give an overview of the main MCDA methods before presenting the ELECTRE method in detail. Each chapter answers the following questions: (1) In what context should the ELECTRE methods be chosen? (2) Which version of the methods is most appropriate to apply to a given problem? Another chapter deals with a critical and delicate problem within MCDA - how to adequately assess the role played by each criterion in a given decision problem, and how this translates into an appropriate weighting for it. Each one covers a different civil engineering discipline and each uses a different version of ELECTRE. The final chapter on methodology presents some accessories which, when used with ELECTRE, can greatly enhance its usefulness in practice. This book is outstanding in many respects. I am convinced that the simple, clear and concise style of the authors will make this book accessible to very many readers. No important aspect of the subject is neglected, and the concise nature of this book does not hinder its originality. Last but not least, the manner in which the case studies are described allows the authors not only to demonstrate the validity of the approach and procedures presented, but also to help the reader understand how to apply them in an effective manner. Taken from the Foreword by Bernard Roy, University Paris-Dauphine




Social Multi-Criteria Evaluation for a Sustainable Economy


Book Description

One of the main novelties of this book is its establishment of a clear relationship between social and public choice on one hand and multiple criteria decision analysis on the other. This relationship leads to the new concept of Social Multi-Criteria Evaluation (SMCE). SMCE is proposed as a policy framework to integrate different scientific languages, for example, when concerns about civil society and future generations have to be considered along with policy imperatives and market conditions.




Evaluation and Decision Models with Multiple Criteria


Book Description

Formal decision and evaluation models are so widespread that almost no one can pretend not to have used or suffered the consequences of one of them. This book is a guide aimed at helping the analyst to choose a model and use it consistently. A sound analysis of techniques is proposed and the presentation can be extended to most decision and evaluation models as a "decision aiding methodology".




Multiple Criteria Decision Analysis


Book Description

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.




Multi-Criteria Decision Analysis in Management


Book Description

Multi-criteria decision making (MCDM) has been extensively used in diverse disciplines, with a variety of MCDM techniques used to solve complex problems. A primary challenge faced by research scholars is to decode these techniques using detailed step-by-step analysis with case studies and data sets. The scope of such work would help decision makers to understand the process of using MCDM techniques appropriately to solve complex issues without making mistakes. Multi-Criteria Decision Analysis in Management provides innovative insights into the rationale behind using MCDM techniques to solve decision-making problems and provides comprehensive discussions on these techniques from their inception, development, and growth to their advancements and applications. The content within this publication examines hybrid multicriteria models, value theory, and data envelopment. Ideal for researchers, management professionals, students, operations scholars, and academicians, this scholarly work supports and enhances the decision-making process.




Multiple Criteria Decision Making


Book Description

This book presents a broad range of innovative applications and case studies in all areas of management and engineering, including public administration, finance, marketing, engineering, transportation, and energy systems. It addresses issues related to problem structuring, preference modeling, and model construction, presenting a framework that provides clear decision-making support in practice. In addition, it includes hybrid and integrated techniques combining multiple criteria decision making (MCDM) with other analytical methods. The book reflects the growing impact of MCDM in the field of management science and operations research. Building on recent and established theoretical advances and presenting their applications in specific domains, it offers a comprehensive resource for researchers, graduate students and professionals alike.




Multicriteria Evaluation in a Fuzzy Environment


Book Description

This book is the result of some years of research carried out at the Vrije Universiteit of Amsterdam and at the Joint Research Centre of the European Commission. The awareness of actual and potential conflicts between economic progress in production, consumption, and technology and the environment has led to the concept of "sustainable development", implying that economic and ecological values are well balanced in evaluation and decision making. The linkages between ecosystems and economic systems are the focus of ecological economics. In ecological economics, a multidimensional approach to economic and policy-making is emphasised. In this book, the introduction of multicriteria decision aid techniques in the framework of ecological economics is widely discussed. Since such techniques are based on a "constructive" rationality and allow one to take into account conflictual, multidimensional, incommensurable and uncertain effects of decisions, they can be considered perfectly consistent with the methodological foundations of ecological economics. Since here the assumption is accepted that efficiency, equity and sustainability are the three conflictual values of economics, a mathematical procedure able to deal with these issues in an operational framework is developed, with a particular view on imprecise information in a practical environmental planning context. Given the problem of the differences in the measurement levels of the variables used for economic-ecological modelling, multicriteria methods able to deal with mixed information (both qualitative and quantitative measurements) can be considered particularly useful. Another problem related to the available information concerns the uncertainty (stochastic and/or fuzzy) contained in this information.







Research and Practice in Multiple Criteria Decision Making


Book Description

During the past two decades, the consideration of mUltiple objectives in modeling and decision making has grown by leaps and bounds. The nineties in particular have seen the emphasis shift from the dominance of single-objective modeling and optimization toward an emphasis on multiple objectives. The proceedings of this Conference epitomize these evolutionary changes and contribute to the important role that the tield of multiple criteria decision making (MCDM) now plays in planning, design, operational, management, and policy decisions. Of special interest are the contributions of MCDM to manufacturing engineering. For example, it has recently been recognized that optimal, single-objective solutions have often been pursued at the expense of the much broader applicability of designs and solutions that satisfy multiple objectives. In particular, the theme (MCDM and Its Worldwide Role in Risk-Based Decision Making) of the XIVth International Conference on Multiple Criteria Decision Making (Charlottesville, Virginia, USA, June 8-12, 1998) represents the growing importance of risk-cost-benefit analysis in decision making and in engineering design and manufacturing. In such systems, minimizing the of rare and extreme events emerges as an essential objective that risk complements the minimization of the traditional expected value of risk, along with the objectives attached to cost and performance. These proceedings include forty-five papers that were presented at the Conference. A variety of techniques have been proposed for solving multiple criteria decision-making problems. The emphasis and style of the different techniques largely reflect the fields of expertise of their developers.