Multi-Criteria Decision Making - Carlos Owen - Bog

Multi-criteria decision making (MCDM) is a sub-field of operations research used for evaluating multiple conflicting criteria in making a decision. It can be used as a tool for making various complex decisions. This method is best suited to solve problems which are designated as a choice among alternatives. MCDM can be classified into two categories, namely, multiple-criteria evaluation problems and multiple-criteria design problems. Multiple-criteria evaluation problems consist of a definite number of options clearly mentioned at the start of the solution process. In multiple-criteria design problems, the alternatives are unknown but can be found by solving a mathematical model. There are five components of MCDM problems which include goals, decision makers with preferences, decision alternatives, evaluation criteria, and consequences associated with alternative combination. This book is compiled in such a manner, that it will provide in-depth knowledge about the theory and practice of multi-criteria decision making. It presents researches and studies performed by experts across the globe. The book will serve as a valuable source of reference for graduate and postgraduate students.