Multiple Criteria Decision-Making Methods : Applications for Managerial Discretion

This book provides application of multi criteria decision making techniques for managerial discretion. With this book, a concerted platform has been provided for several peers and other management organizations to understand and implement these tools and deal with the practical problems in a better way so as to provide more robust managerial decision making. Acknowledgements 7 Preface 9 Contents 11 Editors’ biography 15 Chapter 1 Introduction to multi-criteria decision-making process 17 Section 1: Determination of criteria weights 29 Chapter 2 Determining weights using analytic hierarchy process (AHP) 29 Chapter 3 Weight determination using best-worst method 37 Chapter 4 CRITIC method for weight determination 41 Chapter 5 Entropy method for weight determination 47 Section 2: Finding the ranking of alternatives 53 Chapter 6 Additive ratio assessment (ARAS) for best alternative selection 53 Chapter 7 Combinative distance-based assessment (CODAS) for decision-making 61 Chapter 8 Application of complex proportional assessment (COPRAS) for filtering 69 Chapter 9 Utilizing evaluation based on distance from average solution (EDAS) for decision-making 75 Chapter 10 Grey Relational Analysis (GRA) for optimal model selection 81 Chapter 11 Using multi-objective optimization based on ratio analysis for decision-making 87 Chapter 12 Preference Ranking Organization Method for Enrichment Evaluation (PROMETHEE-I and II) 95 Chapter 13 Preference Selection Index (PSI) for optimal alternative selection 105 Chapter 14 Utilizing simple additive weighting (SAW) method for managerial discretion 111 Chapter 15 Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) for best model selection 117 Chapter 16 VIseKriterijumska Optimizacija I Kompromisno Resenje (VIKOR) for optimal model selection 123 Section 3: Some other useful MCDM techniques 129 Chapter 17 Analytic Network Process (ANP) method 129 Chapter 18 Selecting best alternative through Data Envelopment Analysis (DEA) method 139 Chapter 19 Decision-making trial and evaluation laboratory method 153 Index 159