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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).
In decision theory, the weighted sum model (WSM), [1] [2] also called weighted linear combination (WLC) [3] or simple additive weighting (SAW), [4] is the best known and simplest multi-criteria decision analysis (MCDA) / multi-criteria decision making method for evaluating a number of alternatives in terms of a number of decision criteria.
A basic decision matrix consists of establishing a set of criteria and a group of potential candidate designs. One of these is a reference candidate design. The other designs are then compared to this reference design and being ranked as better, worse, or same based on each criterion.
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.
where X is the set of reference alternatives, D(X) is the classification of the reference alternatives by the decision-maker, D ' (X,f β) are the recommendations of the model for the reference alternatives, L is a function that measures the differences between the decision-maker's evaluations and the model's outputs, and B is the set of ...
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 [1] with further developments by Yoon in 1987, [2] and Hwang, Lai and Liu in 1993. [3]
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In place of a named cell, an alternative approach is to use a cell (or grid) reference. Most cell references indicate another cell in the same spreadsheet, but a cell reference can also refer to a cell in a different sheet within the same spreadsheet, or (depending on the implementation) to a cell in another spreadsheet entirely, or a value ...