The ELECTRE(ELimination and Choice Expressing REality) MCDM (Multi-Criteria Decision Making) method is a popular approach used in decision-making processes. It provides a systematic framework for evaluating and ranking alternatives based on multiple criteria. By considering various criteria simultaneously, the ELECTRE method helps decision-makers make informed choices that align with their objectives and preferences.
Definition and overview of ELECTRE MCDM Method
The ELECTRE MCDM method was first introduced by Bernard Roy in the 1960s and has since been widely used in various fields such as engineering, economics, and management. It is a valuable tool for handling complex decision-making problems that involve multiple conflicting criteria. This method takes into account both qualitative and quantitative factors, allowing decision-makers to consider a wide range of information when evaluating alternatives.
Brief history and development of the method
Since its initial introduction by Bernard Roy in the 1960s, the ELECTRE MCDM method has undergone a number of improvements and developments. It is widely used in various fields such as business, engineering, and environmental management to support complex decision-making tasks. The method incorporates both qualitative and quantitative information, allowing decision-makers to assess the relative importance of different criteria and make well-informed decisions.
Importance and applicability of ELECTRE MCDM in decision-making processes
The importance of the ELECTRE MCDM method lies in its ability to handle complex decision-making processes that involve multiple criteria. It provides decision-makers with a systematic and structured approach to evaluate alternatives and prioritize them based on their performance against the established criteria. This method has proven to be applicable in various domains, including project selection, supplier evaluation, and resource allocation, as it allows for a comprehensive analysis of different factors influencing the decision. Additionally, ELECTRE MCDM provides a transparent and consistent framework that enhances the decision-making process by reducing subjectivity and bias.
Step by step with the help of an example the procedures were explained.
For the example application of ELECTRE in Water Resource Management you may refer to the following publications :
Raju, K.S., Duckstein, L. & Arondel, C. Multicriterion Analysis for Sustainable Water Resources Planning: A Case Study in Spain. Water Resources Management 14, 435–456 (2000). https://doi.org/10.1023/A:1011120513259
Rogers, M., Bruen, M. and Maystre, L. Y.: 2000, ELECTRE and decision support methods and applications in engineering and infrastructure investment, Kluwer Academic Publishers, The Netherlands.
Duckstein, Lucien, Wiktor Treichel, and Samir El Magnouni. "Ranking ground-water management alternatives by multicriterion analysis." Journal of Water Resources Planning and Management 120, no. 4 (1994): 546-565.
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Complete Tutorial on ELECTRE MCDM Method : Explained with an Example