Multiple Criteria Decision Analysis

Abstract

Multicriteria Portfolio Analysis spans several methods which typically employ build on MCDA to guide the selection of a subset (i.e., portfolio) of available objects, with the aim of maximising the performance of the resulting portfolio with regard to multiple criteria, subject to the requirement that the selected portfolio does not consume of resources consumed by the portfolio does not exceed the availability of resources and, moreover, satis…es other relevant constraints as well. In this chapter, we present a formal model of this selection problem and describe how this model can present both challenges (e.g. portfolio value may, due to the interactions of elements, depend on project-level decisions in complex and non-additive ways) and opportunities (e.g. triage rules can be used to focus elicitation on projects which are critical) for value assessment. We also survey the application of Portfolio Decision Analysis in several domains, such as allocation of R&D expenditure, military procurement, prioritisation of healthcare projects, and environment and energy planning, and conclude by outlining possible future research directions.

Updated discussions on ‘Hybrid multiple criteria decision-making methods: a review of applications for sustainability issues’

“…The classical RST does not, however, consider the preferential characteristic of attributes, which is often required to tackle MCDM problems. Consequently, the 'dominance relation' has been broadly discussed in previous work (Greco et al, 1997(Greco et al, , 1999(Greco et al, , 2001(Greco et al, , 2002(Greco et al, , 2005(Greco et al, , 2016, termed the decision rule approach or DRSA related/extended approach, for resolving MCDM problems.…”

“…The adoption of DRSA (Greco et al, 2005(Greco et al, , 2016 often begins by organising data as an information table, in the form of a four-tuple information system (IS), where the attributes (called criteria in MCDM) and alternatives are arranged in rows and columns, respectively. The DRSA IS = (U, Q, V, f), where U is a finite state of the universe and Q = {q 1 , q 2 , …, q p } is a finite set of p attributes.…”

“…, which denotes the doubtful regions. For any H ⊆ C, the H-consistency (termed the quality of approximation) regarding the 'dominance relation' is defined in Equation 3 (Greco et al, 2005(Greco et al, , 2016 The quality of approximation γ H (Cl) denotes the ratio of objects that are H-consistent with the dominance relationship in U. The DRSA algorithm can leverage the dominance approximation capability to induce a set of rough decision rules; the general form of a DRSA decision rule would be like 'if antecedents hold, then consequence. '…”

Sewer asset management – state of the art and research needs

“…Still, dedicated methods, considering the decision support process and elicitation and inclusion of decision-maker preferences to support decisions, which exist in disciplines, such as operations research and decision analysis, are hardly used in urban drainage. For example, MCDA (see Greco, Ehrgott, and Figueira (2016) for a recent overview), offers an 'umbrella of methods' (Belton and Stewart 2002) that align and integrate indicator assessment and preference modelling into a structured decision support process.…”

Decision Support for the Comparative Evaluation and Selection of Analytical Methods: Detection of Genetically Modified Organisms as an Example

“…It is unlikely that one method will be the best for all of the considered criteria. Thus, approaches implementing multicriteria decision analysis (MCDA) (Ishizaka and Nemery 2013;Greco et al 2016) may prove useful. In MCDA, each alternative (method) is first assessed according to each criterion.…”