Multicriteria Decision-Making Techniques: A Review | Original Article

ABSTRACT:

Decisions are taken every second of our lives. Our world is connected with each other via social media or other telecommunication medium and one decide to whom one wish to connect. Businesses also makes regular decisions. In the global economy, businesses can exploit foreign markets as easily as their own domestic markets. They usually apply scientific methods to decide which new market they should explore. MCDM methods are one such method which can provide optimal solution under specified criteria restrictions. This paper presents a short review to the most common and rank generating methods namely SAW, TOPSIS, VIKOR, ELECTRE. At the end it demonstrates the results obtained by SAW, TOPSIS and ELECTRE on a simple use case of HOTEL SELECTION for summer vacations with results and a conclusion.