Five Latest MCDM Techniques to solve Decision Making Problems

In recent years the use of Multi-Criteria Decision Making(MCDM) Techniques has increased rapidly in every discipline to solve decision-making problems by an objective procedure. The MCDM techniques are rapidly used and modified for optimal problem solving and to reduce the convergence time.

What is the MCDM concept?

Many brief tutorials on the MCDM concept are available on the internet. You can visit my introduction to the MCDM video also for a short and simple explanation about the MCDMs and their need in today's research.

However, this post is not about the concepts or basic working principles, or the strengths and weaknesses of the concept. This post is about the most recent MCDM techniques which are now widely used for solving decision support problems in nearly all disciplines.

Generally, by MCDM, we understand the techniques invented by Saaty and known as Analytical Hierarchy Process(AHP). This compensatory method of MCDM is popularly utilized for approaching decision problems in an objective framework where even if the decision-maker changes, the decision will not change. Besides AHP, the name of Weighted Sum or Product Methods or outranking techniques like ELECTRE or PROMETHEE is also rarely applied for real-life problem solving which required a decision.

But presently there are multiple proposers of new or modified methods of MCDM techniques other than AHP, WSM, WPM, etc. Among the latest techniques, the five most recent and widely popular processes are depicted below :

1)Benefits Prioritization Analysis

Short form: BPA

"A software selection tool developed to aid the users in selecting the software appropriate for their needs based on preferences. Implemented as a simple spreadsheet using MS Excel. Processes the information about stakeholder preferences using "stakeholder weight" (the importance of opinion for different stakeholder types that differ by their extent of using the software, and level in the organisation) instead of criteria weights."

This method is new and proposed by Chen et.al. in the year 2020. The paper can be found at the reference as given below :

Reference : Chen Z, Agapiou A and Li H (2020) A Benefits Prioritization Analysis on Adopting BIM Systems Against Major Challenges in Megaproject Delivery. Front. Built Environ. 6:26. doi: 10.3389/fbuil.2020.00026

2)Plithogenic HyperSoft Set

Short Form: PHSS

"Plithogenic logic is a new mathematical approach representing the generalization of the four existing approaches for dealing with sets of different accuracy levels: Crisp, Fuzzy, Intuitionistic fuzzy, and Neutrosophic. Used in MCDA operations as a universal preference aggregation approach. Offers supreme flexibility for dealing with data at highly varying levels of accuracy."

This method is new and proposed by Ahmad et.al. in the year 2019. The paper can be found at the reference as given below :

Ahmad, M.R.; Saeed, M.; Afzal, U.; Yang, M.-S. A Novel MCDM Method Based on Plithogenic Hypersoft Sets under Fuzzy Neutrosophic Environment. Symmetry 2020, 12, 1855.

3) Evaluation based on Distance from Average Solution

Short Form: EDAS

In the EDAS method, the best alternative is chosen by calculating the distance of each alternative from the optimal value.

This method is new and proposed by Sudha in the year 2019. The paper can be found at the reference as given below :

A. S. Sudha, “Application of EDAS method on Water Requirement in Agriculture”, International Journal of Engineering and Technology, vol. 8, pp. 558-561, 2019.

4) Combinative Distance-Based Assessment

Short Form: CODAS

Combinative Distance-based Assessment or CODAS method in which desirability of alternatives is

determined using two measures. The primary measure is the Euclidean distance and the second measure is the Taxicab distance.

This method is new and proposed by Badi et.al. in the year 2018. The paper can be found at the reference as given below :

I. Badi, M. Ballem and A. Shetwan, “Site selection of Desalination plant in Libya by using Combinative Distance-Based Assessment (CODAS) method”, International Journal for Quality Research, vol. 12, pp. 609-624, 2018.

5) Method Based on the Removal Effects of Criteria

Short Form : MEREC

"This study introduces a new method, called MEREC (MEthod based on the Removal Effects of Criteria), to determine criteria’ objective weights. This method uses a novel idea for weighting criteria. After systematically introducing the method, we present some computational analyses to confirm the efficiency of the MEREC"

This method is new and proposed by Keshavarz-Ghorabaee et.al. in the year 2021. The paper can be found at the reference as given below :

Keshavarz-Ghorabaee, Mehdi, Maghsoud Amiri, Edmundas K. Zavadskas, Zenonas Turskis, and Jurgita Antucheviciene. 2021. "Determination of Objective Weights Using a New Method Based on the Removal Effects of Criteria (MEREC)" Symmetry 13, no. 4: 525.

https://doi.org/10.3390/sym13040525.

MCDM dispenses a foundation for selecting, sorting, and prioritizing materials and helps in the overall assessment. The use of MCDM is particularly important when: The application is complex or advanced. Although Multi-Criteria Decision Making (MCDM) methods have been applied in numerous case studies with satisfactory results, one of the limitations of such methods is that the decision-maker prefers to decide intuitively. But not all the decision-makers will have the same selection and thus even if the same procedure is followed, the result can come different. That is why, novel MCDMs are being introduced to the World, but until the problem of subjectivity can be avoided this appearance of new methods will be continued but unproductive.

Signing off @Mrinmoy

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