A generalized approach for multi-criteria decision aid methods

Outranking methods were developed for solving Multi-Criteria Decision-Making (MCDM) problems with a finite set of alternatives. In this paper, we propose a comprehensive framework that extends the application of outranking methods for solving MCDM problems with continuous sets of alternatives. This...

Full description

Saved in:
Bibliographic Details
Published in:Annals of operations research 2025-01
Main Authors: Larbani, Moussa, Aouni, Belaid
Format: Article
Language:English
Citations: Items that this one cites
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Outranking methods were developed for solving Multi-Criteria Decision-Making (MCDM) problems with a finite set of alternatives. In this paper, we propose a comprehensive framework that extends the application of outranking methods for solving MCDM problems with continuous sets of alternatives. This is achieved through the integration of multi-objective optimization methods and outranking methods. The derived Three-phases integration procedure is illustrated by the integration of the Weighted Sum method for continuous MCDM problems and the outranking Preference Ranking Organization METHod for Enrichment Evaluations (PROMETHEE) method. Moreover, the proposed framework incorporates the use of the Principal Component Analysis (CPA) to address the problem of selecting a Pareto optimal solution when the phase of application of the outranking method generates a large set of ‘best’ Pareto optimal solutions. The application potential of the procedure is illustrated by a multi-dimensional financial portfolio selection problem.
ISSN:0254-5330
1572-9338
DOI:10.1007/s10479-024-06327-4