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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).
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.
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.