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In this example a company should prefer product B's risk and payoffs under realistic risk preference coefficients. 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 (both in daily life and in settings such as business, government and medicine).
The term decision matrix is used to describe a multiple-criteria decision analysis (MCDA) problem. An MCDA problem, where there are M alternative options and each needs to be assessed on N criteria, can be described by the decision matrix which has N rows and M columns, or M × N elements, as shown in the following table.
In MCPs, the alternatives are evaluated over a set of criteria. A criterion is an attribute that incorporates preferential information. Thus, the decision model should have some form of monotonic relationship with respect to the criteria. This kind of information is explicitly introduced (a priory) in multicriteria methods for MCPs.
The European Working Group on Multiple Criteria Decision Aiding (also, EURO Working Group on Multicriteria Decision Aiding, EWG on Multicriteria Aid for Decisions, or EWG-MCDA) is a working group whose objective is to promote original research in the field of multicriteria decision aiding at the European level. [1]
Multi-objective optimization or Pareto optimization (also known as multi-objective programming, vector optimization, multicriteria optimization, or multiattribute 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.
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This means that criteria and preference information can be uncertain, inaccurate or partially missing. Incomplete information is represented in SMAA using suitable probability distributions. The method is based on stochastic simulation by drawing random values for criteria measurements and weights from their corresponding distributions. [1]
After reviewing the multiple-criteria decision analysis page, I believe that the Ordinal Priority Approach (OPA)can be added to the list of the MCDM methods which is published in Applied Soft Computing journal recently. Its website is avaliable as well for more information: www.ordinalpriorityapproach.com