Addressing the Weaknesses of Multi-Criteria Decision-Making Methods using Python
Summary
Excerpt
Table Of Contents
- Cover
- Title
- Copyright
- About the author
- About the book
- This eBook can be cited
- Table of Contents
- List of Abbreviations
- List of Figures
- List of Tables
- Introduction
- Chapter 1 Decision-Making and Multi-Criteria Decision-Making
- Decision-Making
- Phase 1: Intelligence
- Phase 2: Design
- Phase 3: Choice
- Phase 4: Implementation
- Classification of Decision-Making
- According to the Amount of Information Possessed
- Decision-Making Under Certainty
- Decision-Making Under Risk
- Decision-Making Under Uncertainty
- The Criterion of Optimism (Maximax)
- The Criterion of Pessimism (Maximin)
- The Criterion of Realism (Hurwicz)
- The Criterion of Regret (Savage)
- The Criterion of Equal Likelihood (Laplace)
- Decision-Making Under Partial Information
- Decision-Making in Competitive Situations
- Classification of Decision Types
- Level of Decision
- Type of Decision
- The Number of Decision Makers
- Types of Decision-Making Models
- Rational Decision-Making Model
- Intuitive Decision-Making Model
- Creative Decision-Making Model
- Recognition-Primed Decision-Making Model
- Types of Decision-Making Problem
- Decision Problem and Its Characteristics
- Multi-Criteria Decision-Making
- Analyzing MCDM Methods
- Strengths of MCDM Methods
- Weaknesses of MCDM Methods
- Chapter 2 Commonly Applied MCDM Methods
- ELECTRE
- Steps of ELECTRE III
- PROMETHEE
- Steps of PROMETHEE II
- TOPSIS
- Steps of TOPSIS
- VIKOR
- Steps of VIKOR
- Chapter 3 Weaknesses of MCDM Methods
- Weaknesses of MCDM Methods
- Determining the Method for Reducing the Decision Matrix to the Same Unit
- Normalization
- Standardization
- Selection of Appropriate Standardization Method
- Determining the Weight Assignment Method
- Saaty’s Method
- Best-Worst Method
- Equal Weights Method
- Determining the Measurement Method
- Determining the Ranking Method
- Related Studies
- Chapter 4 Investigation of the Weaknesses of MCDM Methods
- Human Development Index
- Data Sources
- Steps to Calculate the Human Development Index
- Methodology Used to Express Income
- Estimating Missing Values
- Human Development Categories
- Human Development Index Aggregates
- Inequality-Adjusted Human Development Index
- Data Sources
- Steps to Calculate the Inequality-adjusted Human Development Index
- Coefficient of Human Inequality
- Notes on Methodology and Caveats
- Survey on Weaknesses of MCDM Methods
- ELECTRE: Normalization vs. Standardization
- Application for Traditional ELECTRE vs. Modified ELECTRE
- Normalization vs. Standardization
- Traditional ELECTRE III: Normalization
- Modified ELECTRE III: Standardization
- Comparison of Results (Top 10)
- PROMETHEE: Differentiation of Weighting Method
- Traditional PROMETHEE
- Modified PROMETHEE
- Application for Traditional PROMETHEE vs Modified PROMETHEE
- Differentiation of Weighting Method
- Traditional PROMETHEE
- Modified PROMETHEE
- Comparison of Results
- TOPSIS: Differentiation of Measurement Method
- Traditional TOPSIS
- Modified TOPSIS
- L𝑝 Minkowski Family
- Application for Traditional TOPSIS vs. Modified TOPSIS
- Differentiation of Measurement Method
- Traditional TOPSIS: Euclidean Distance
- Modified TOPSIS: Chebyshev Distance
- Comparison of Results (Top 10)
- VIKOR: Differentiation of Sorting Criteria
- Traditional VIKOR
- Modified VIKOR
- Application for Traditional VIKOR vs. Modified VIKOR
- Differentiation of Sorting Criteria
- Traditional VIKOR (v=0.5)
- Modified VIKOR ( v*=0.6 assumed)
- Comparison of Results (Top 10)
- Conclusion and Suggestions
- References
- Appendix Comparison of Traditional and Modified Methods Results
List of Tables
Table 1.1:The Key Differences Between Single Criterion and Multi-Criteria Decision-Making
Table 1.3:Comparison of MODM and MADM
Table 3.1:The Fundamental Scale of Absolute Numbers
Table 3.2:Values of the RI for Small Problems
Table 3.3:Consistency Index (CI) Table
Table 4.1:Minimum and Maximum Values
Table 4.2:Calculation of Guyana HDI Value
Table 4.3:Cutoff Points of the HDI for Grouping Countries
Table 4.4:Calculation of Kazakhstan HDI and IHDI Values
Table 4.5:Inequality-Adjusted HDI Data (2021)
Table 4.6:Countries Without an IHDI Value (2021)
Table 4.7:Countries Whose IHDI Values Were Calculated (2021).
Table 4.8:Comparison of Traditional and Modified ELECTRE III Results
Table 4.9:Comparison of Traditional and Modified PROMETHEE Results
Table 4.10:Comparison of Traditional and Modified TOPSIS Results
Table 4.11:Comparison of Traditional and Modified VIKOR Results
Introduction
The book titled “Addressing the Weaknesses of Multi-Criteria Decision-Making Methods Using Python” aims to address the weaknesses of Multi-Criteria Decision-Making (MCDM) methods used in various aspects of decision-making. The book is divided into four chapters.
Chapter 1: Decision-Making and Multi-Criteria Decision-Making (Introduction): The first part of the book provides general information about decision-making and MCDM. It sets the foundation for understanding the concepts and principles behind MCDM methods.
Chapter 2: Some of The Most Popular MCDM Methods: The second section elaborates on the most commonly used and basic MCDM methods. It discusses how to compute the measurement value, decide on a weighting strategy, reduce the decision matrix to a single unit, and sort the outcomes using these methods. The book makes clear that any MCDM method can provide different outcomes if at least one of these weaknesses is used.
Chapter 3: Weaknesses of MCDM Methods: The third section of the book focuses on the weaknesses mentioned in the previous section. It provides a detailed analysis of how these weaknesses can impact the outcomes of MCDM methods. The book emphasizes the importance of recognizing and addressing these weaknesses to improve decision-making processes.
Chapter 4: Investigation of The Weaknesses of MCDM Methods: In the final section, the book introduces modified methods that aim to overcome the weaknesses identified in the previous sections. These new methods are developed based on the insights gained from analyzing the weaknesses of existing MCDM methods. The Inequality-adjusted Human Development Index (IHDI) data will be used to demonstrate the working of both traditional and modified versions of them.
The book aims to draw attention to the weaknesses in MCDM methods and provide insights into improving decision-making processes. By addressing these weaknesses, it seeks to enhance the accuracy and effectiveness of MCDM methods in selecting the best alternatives in various domains.
Chapter 1 Decision-Making and Multi- Criteria Decision-Making
In this section, we are going to provide insight and details into the decision-making process and then we are going to handle this process from a multi-criteria perspective.
1.1. Decision-Making
Decision-making is the process of selecting the most appropriate option from a range of choices to achieve specific objectives set by the decision makers.
It is a multi-step process we engage in regularly. According to (Simon, 1977), managerial decision-making aligns with the broader managerial process, which encompasses functions like planning, organizing, and controlling. These functions involve addressing questions such as what needs to be done, when, where, and by whom (Sharda, Delen, & Turban, 2013).
While the number of steps may vary depending on the source, the core stages typically include “defining, identifying, and development”. Additional steps can be incorporated to expand the process when necessary.
Details
- Pages
- 156
- Publication Year
- 2024
- ISBN (PDF)
- 9783631913376
- ISBN (ePUB)
- 9783631923412
- ISBN (Softcover)
- 9783631913345
- DOI
- 10.3726/b22103
- Language
- English
- Publication date
- 2024 (August)
- Keywords
- Multi-Criteria decision-Making social indicators Python human development index ELECTRE TOPSIS VIKOR PROMETHEE
- Published
- Berlin, Bern, Bruxelles, New York, Oxford, Warszawa, Wien, 2024. 156 pp., 16 fig. col., 2 fig. b/w, 18 tables
- Product Safety
- Peter Lang Group AG
