Multi-Criteria Decision Making (MCDM) refers to a decision-making approach that involves evaluating a set of alternative options based on multiple criteria simultaneously. It is a systematic and structured process that aims to support decision-makers in selecting the most suitable option among various alternatives considering various factors.
MCDM encompasses a range of methods, techniques, and mathematical models to aid decision-makers in dealing with complex decision problems where multiple conflicting criteria need to be considered. It recognizes that decision-making often involves subjective judgments, ambiguity, and trade-offs.
In MCDM, each alternative is evaluated and assessed against multiple criteria, which can be qualitative or quantitative in nature. The criteria can include various aspects such as cost, benefit, risk, time, quality, and environmental impact. Decision-makers assign weights or importance to each criterion based on their preferences and priorities.
Different MCDM methods exist to aggregate and analyze the evaluation results to support decision-making. These methods include but are not limited to Analytic Hierarchy Process (AHP), Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS), Promethee, and Weighted Sum Model.
MCDM plays a crucial role in various domains such as business, engineering, healthcare, environmental management, and public policy, where complex decisions need to be made considering multiple objectives and constraints. By providing a systematic framework and tools, MCDM helps decision-makers make informed and rational choices, thereby facilitating better decision outcomes.
