Related Research Articles
Multiple-criteria decision-making (MCDM) or multiple-criteria decision analysis (MCDA) is a sub-discipline of operations research that explicitly evaluates multiple conflicting criteria in decision making. Conflicting criteria are typical in evaluating options: cost or price is usually one of the main criteria, and some measure of quality is typically another criterion, easily in conflict with the cost. In purchasing a car, cost, comfort, safety, and fuel economy may be some of the main criteria we consider – it is unusual that the cheapest car is the most comfortable and the safest one. In portfolio management, managers are interested in getting high returns while simultaneously reducing risks; however, the stocks that have the potential of bringing high returns typically carry high risk of losing money. In a service industry, customer satisfaction and the cost of providing service are fundamental conflicting criteria.
Decision analysis (DA) is the discipline comprising the philosophy, methodology, and professional practice necessary to address important decisions in a formal manner. Decision analysis includes many procedures, methods, and tools for identifying, clearly representing, and formally assessing important aspects of a decision; for prescribing a recommended course of action by applying the maximum expected-utility axiom to a well-formed representation of the decision; and for translating the formal representation of a decision and its corresponding recommendation into insight for the decision maker, and other corporate and non-corporate stakeholders.
Multi-objective optimization is an area of multiple criteria decision making that is concerned with mathematical optimization problems involving more than one objective function to be optimized simultaneously. Multi-objective optimization has been applied in many fields of science, including engineering, economics and logistics where optimal decisions need to be taken in the presence of trade-offs between two or more conflicting objectives. Minimizing cost while maximizing comfort while buying a car, and maximizing performance whilst minimizing fuel consumption and emission of pollutants of a vehicle are examples of multi-objective optimization problems involving two and three objectives, respectively. In practical problems, there can be more than three objectives.
Decision-making software is software for computer applications that help individuals and organisations make choices and take decisions, typically by ranking, prioritizing or choosing from a number of options.
The weighted product model (WPM) is a popular multi-criteria decision analysis (MCDA) / multi-criteria decision making (MCDM) method. It is similar to the weighted sum model (WSM). The main difference is that instead of addition in the main mathematical operation now there is multiplication.
The decision-making paradox is a phenomenon related to decision-making and the quest for determining reliable decision-making methods. It was first described in 1989, and has been recognized in the related literature as a fundamental paradox in multi-criteria decision analysis (MCDA), multi-criteria decision making (MCDM) and decision analysis since then.
Potentially All Pairwise RanKings of all possible Alternatives (PAPRIKA) is a method for multi-criteria decision making (MCDM) or conjoint analysis, as implemented by decision-making software and conjoint analysis products 1000minds and MeenyMo.
In multiple criteria decision aiding (MCDA), multicriteria classification involves problems where a finite set of alternative actions should be assigned into a predefined set of preferentially ordered categories (classes). For example, credit analysts classify loan applications into risk categories, customers rate products and classify them into attractiveness groups, candidates for a job position are evaluated and their applications are approved or rejected, technical systems are prioritized for inspection on the basis of their failure risk, clinicians classify patients according to the extent to which they have a complex disease or not, etc.
The Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) is a multi-criteria decision analysis method, which was originally developed by Ching-Lai Hwang and Yoon in 1981 with further developments by Yoon in 1987, and Hwang, Lai and Liu in 1993. TOPSIS is based on the concept that the chosen alternative should have the shortest geometric distance from the positive ideal solution (PIS) and the longest geometric distance from the negative ideal solution (NIS).
Logical Decisions is decision-making software that is based on multi-criteria decision making.
Expert Choice is decision-making software that is based on multi-criteria decision making.
Decision Lens is online decision-making software that is based on multi-criteria decision making.
DecideIT is a decision-making software that is based on multi-criteria decision making (MCDM) and the multi-attribute value theory (MAVT). It supports both the modelling and evaluation of value trees for multi-attribute decision problems as well as decision trees for evaluating decisions under risk.
Criterium DecisionPlus is decision-making software that is based on multi-criteria decision making.
1000minds is a web application for decision-making and conjoint analysis supplied by 1000minds Ltd since 2002.
The VIKOR method is a multi-criteria decision making (MCDM) or multi-criteria decision analysis method. It was originally developed by Serafim Opricovic to solve decision problems with conflicting and noncommensurable criteria, assuming that compromise is acceptable for conflict resolution, the decision maker wants a solution that is the closest to the ideal, and the alternatives are evaluated according to all established criteria. VIKOR ranks alternatives and determines the solution named compromise that is the closest to the ideal.
D-Sight is a company that specializes in decision support software and associated services in the domains of project prioritization, supplier selection and collaborative decision-making. It was founded in 2010 as a spin-off from the Université Libre de Bruxelles (ULB). Their headquarters are located in Brussels, Belgium.
Milan Zeleny (born January 22, 1942) is a Czech American economist, currently a Professor of Management Systems at Fordham University, New York City. He has done research in the field of decision-making, productivity, knowledge management, and business economics. Zeleny is also a visiting professor at the Tomas Bata University in Zlín, Czech Republic, and has been Academic Vice Dean and Professor at Xidian University in Xi’an, China. He is a Distinguished Visiting Professor at Fu Jen University in Taipei in 2006, at the Indian Institute of Technology in Kanpur in 2007, and at IBMEC in Rio de Janeiro in 2009–10. For many years he has lectured at the Faculty of Architecture, University of Naples.
This is an incomplete list of selected academic publications by Milan Zeleny, sorted by different disciplines and research areas.
Measuring attractiveness through a categorical-based evaluation technique is the goal of the MACBETH approach that was designed by Carlos António Bana e Costa, from the University of Lisbon, in cooperation with Professor Jean-Claude Vansnick and Dr. Jean-Marie De Corte, from the Université de Mons.
References
- ↑ French, S.; Xu, D. L. (2005). "Comparison study of multi-attribute decision analytic software". Journal of Multi-Criteria Decision Analysis. 13 (2–3): 65. doi:10.1002/mcda.372.
- ↑ Rodrigues, A.; Pinheiro, P. R.; Rodrigues, M. M.; Albuquerque, A. B.; Goncalves, F. M. (2010). "Applying a multicriteria model for selection of test use cases: A use of experience". International Journal of Social and Humanistic Computing. 1 (3): 246. doi:10.1504/IJSHC.2010.032686.
- ↑ Mt-Isa, S.; Tzoulaki, I.; Callréus, T. R.; Micaleff, A.; Ashby, D. (2011). "Weighing benefit–risk of medicines: Concepts and approaches". Drug Discovery Today: Technologies. 8 (1): e29–e35. doi:10.1016/j.ddtec.2011.04.002. PMID 24103841.
- ↑ McGinley, P. (2012), "Decision analysis software survey", OR/MS Today, 39
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