Lecture Notes on MCDM

Definition of MCDM

MCDM, or Multi-Criteria Decision Making, is a process used to evaluate and select the best alternative from a set of options based on multiple criteria or objectives. It helps decision-makers consider various factors simultaneously to make informed and optimal decisions.

Importance of MCDM in decision-making processes

MCDM is crucial in decision-making processes as it allows for a systematic approach to evaluating complex problems with multiple conflicting objectives. By incorporating diverse criteria, decision-makers can weigh trade-offs and make decisions that align with organizational goals.

For example, in selecting a supplier for a manufacturing company, MCDM can consider factors such as cost, quality, delivery time, and sustainability practices. By using MCDM techniques like Analytic Hierarchy Process (AHP) or Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), decision-makers can rank suppliers based on these criteria and choose the best option that meets the company's needs.

This allows the company to make an informed decision that balances cost-effectiveness, product quality, timely delivery, and environmental considerations. By using MCDM, the company can optimize its supplier selection process and ultimately improve its operational efficiency and competitiveness in the market.

This strategic approach not only benefits the company's bottom line but also aligns with its commitment to corporate social responsibility and sustainability. By incorporating MCDM techniques into supplier selection, the company can ensure that its supply chain is not only efficient but also ethical and environmentally friendly. This holistic approach to decision-making ultimately reinforces the company's reputation as a responsible and forward-thinking organization in the eyes of stakeholders and consumers.

Purpose of the lecture notes

The purpose of the lecture notes is to highlight the importance of incorporating MCDM techniques into supplier selection to achieve a balance between efficiency, ethics, and sustainability in the supply chain. This approach helps companies enhance their reputation and competitiveness in the market while also fulfilling their corporate social responsibility goals. The techniques are presented graphically so that both high school students and doctoral candidates can understand the concepts.

Who can use ?

Researchers, practitioners, and students can use it as a self-help book for senior undergraduate or graduate courses in business and engineering.

Content:

What is MCDM,

Classification of MCDMs,

Basic Procedures of MCDM,

1. Weighted Sum Method,
2. Weighted Product Method,
3. Analytical Hierarchy Process,
4. Analytical Network Process,
5. ELECTRE,
6. PROMETHEE 
7. MAUT*
8. EVAMIX*

*New Methods added

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