Volume 56, Number 4, July-August 2022
|Page(s)||2221 - 2233|
|Published online||25 July 2022|
MCDM methods: Practical difficulties and future directions for improvement
Indian Institute of Management Sirmaur, Sirmaur, India
* Corresponding author: firstname.lastname@example.org
Accepted: 26 April 2022
This paper critically reviews practical difficulties inherent in some of the existing multi-criteria decision-making methods. The paper also emphasizes why a benchmark decision situation is essential in assessing the capabilities of any multi-criteria decision-making method. The capability is in terms of accuracy in modeling the human decision-making process. Most multi-criteria decision-making methods consist of two important steps. The first step involves elicitation of preferences from the decision-maker on various criteria and alternatives of the problem. In the second step, the preferences defined by the decision-maker are aggregated. The overall score generated after aggregation is used in rank order calculation and final selection. However, if the prescriptions of multi-criteria decision-making method do not resemble actual or real decision of the very same decision-maker, then multi-criteria decision-making method failed in either capturing the true preferences of the decision-maker or in aggregating these preferences as per the expectations of the decision-maker. This paper discusses some of the latest theories of decision-making and provides three important directions to improve the descriptive aspects of multi-criteria decision analysis.
Mathematics Subject Classification: 90-02 / 90B50 / 91B08 / 91B16 / 91B06
Key words: Multi-Criteria Decision Analysis / behavioral decision making / prospect theory / complexity theory / range sensitivity
© The authors. Published by EDP Sciences, ROADEF, SMAI 2022
This is an Open Access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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